New Delhi, Aug. 7 -- New Delhi: India's aspiration to become a developed economy by 2047 will remain out of reach unless it significantly accelerates urbanization, while the next generation of economic reforms must be driven primarily by state governments, economist and former 16th Finance Commission chairman Arvind Panagariya said on Friday.

Speaking at the National Council of Applied Economic Research's India Policy Forum 2026, the Columbia University professor argued that the Centre has already completed or initiated most of the major "big-ticket" reforms under its domain, shifting the focus to states, where bottlenecks in land, urban governance and local regulations continue to impede economic transformation.

"If we are really looki...