India, now the world’s most populous country, has set itself the bold target of becoming a developed nation by 2047 — the centenary of its independence. Having pulled millions out of extreme poverty over the past two decades, India is looking for the next leap: sustained high growth that ensures broad-based prosperity.

The economy’s performance during the pandemic, powered by a calibrated policy response, offered a lesson worth repeating: steady macroeconomic management with clearly defined goals can deliver results even in turbulent times. India emerged among the fastest-growing major economies during a global slowdown — testimony to the payoff of patient, rules-based governance.

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