How large is India's economy?

There is a rising national aspiration for India to become a developed economy by 2047. Prime Minister Narendra Modi first spoke of it in his address to the nation on August 15, 2022. What does it mean to be developed? A paper published in the Reserve Bank of India's (RBI) monthly bulletin of July 2023 found that the concept of a 'developed economy' is not well defined. Nor is it universally used. The World Bank does not use this terminology. It does classify countries as low income, lower middle income, upper middle income and high income, based on their per capita income.