India, Dec. 11 -- Viksit Bharat 2047 envisions India as a $30-trillion economy with per capita income of $18,000-21,000, implying developed-nation status. Achieving this would require sustained nominal gross domestic product (GDP) growth of about 10% annually through structural transformation, higher productivity, and major investments in human capital, infrastructure, and innovation. Let us set aside the fact that India has never achieved such a high growth rate for more than a year at a time. Even with a $21,000 per capita GDP, will India be considered a developed country?

A developed country is one whose wealth rests primarily on human capital rather than natural resources. Its people are educated, healthy, and productive, forming the...