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I am very much sure that we can become a high income Economy.First, the thread is about living standards and nominal GDP won't matter there because luxuries are adjusted by cost.
Our growth rate allows us to match first category in less than 10 years or surpass in 15 years.
Matching second may take a few decades as many of them too are growing very fast that they may become developed countries or at least third category till then. For third category, its mostly consisted of countries suffering recession or declining population, makes it possible to achieve 40-50% of them.
Not in this century at least.
Although, its not imgaineable how India may look like after 2100 before 2050.
But for that the very first thing is to have atleast twice the nominal income of global average.
The high income Economy with such attributes I can think of is Taiwan.
A fairly well developed country boasting high gdp per capita both nominal and PPP.We can reach that number but surely our population numbers need to go down and we should invest a good load of money in future technologies and boost our domestic industries,and bring women into work force.When women work the birth rate falls and increases quality of life and boosts general output of country.
Currently we have a population share of 16-17%,we surely won't be achieving 2xGDP per capita of world unless our population share goes down 10%,a Loooooooong shot.Maybe in 2150 we will hit that mark.