Mumbai, July 5 (IANS) India is moving towards becoming a developed nation by 2047 but it needs to sustain its growth trajectory for the next two decades, leading economist and policymaker NK Singh has said.

Addressing an event while being conferred the prestigious Honorary Fellowship at the London School of Economics and Political Science (LSE), Singh further said that he felt honoured to be in the ranks of Indians like Nobel Prize-winning Professor Amartya Sen and former President KR Narayanan.

The university said the honour recognises Singh's long-standing and committed relationship with LSE and his efforts in facilitating relations with India as co-chair of LSE's India Advisory Board.

"In the third term of Prime Minister Narendra Modi, he and all the Union Ministers are committed to the vision of a developed India of 2047. India needs to maintain this pace of growth for the next decades," Singh added.

India is the fastest-growing economy in the world. India's growth rate in the financial year 2023-24 was 8.2 per cent, which is estimated to be 7.2 per cent in the current financial year.

NK Singh is one of the leading economists in India. He was the Chairman of the 15th Finance Commission. Previously, he has been the Chairman of the Fiscal Responsibility and Budget Management Review Committee (FRBM). He was also a member of the Rajya Sabha from 2008 to 2014, during which he contributed to several key parliamentary standing committees, including the Public Accounts Committee, the Committee on External Affairs and the Committee on Human Resource Development.