Narendra Modi (L) welcomes Kristalina Georgieva in New Delhi, Nov. 4.
Narendra Modi (L) welcomes Kristalina Georgieva in New Delhi, Nov. 4.

India to Join High Middle Income Bracket by 2047

India to Join High Middle Income Bracket by 2047

Days after it gave India a 30 place jump in its ease of doing business ranking, the World Bank Saturday said the goods and services tax and reforms push by the government will catapult the country to high middle income economy in 30 years.
It credited India’s “extraordinary” achievement of quadrupling of per capita income to reforms taken in last three decades. Comparing the achievement of securing 100th rank in the latest Doing Business Report to hitting century in cricket parlance, World Bank chief executive officer Kristalina Georgieva said a jump of that nature is very rare since the beginning of the survey 15 year ago, PTI reported.
 “It is particularly rare when we talk about size of India. I understand that in a cricket-loving nation hitting a century is a very important milestone,” she said. Last week, India moved for the first time into the top 100 of World Bank’s ease of doing business global rankings due to sustained business reforms over the past several years. Last year the report had ranked India at 130.
Speaking at India’s Business Reform event organized by ministry of commerce and industry, she said, high level ownership and championship of reforms is critical for success. “We have learnt that in reforms what pays off is persistence...what we are recognizing in India is that this success today is to be turned into more energy in reforms for the future,” she said.
Praising the efforts of Prime Minister Narendra Modi to carry forward reforms, including unification of indirect taxes, the World Bank CEO said the GST reform creates an incredible opportunity for India to grow through unified internal market. There is visible impact of reforms on foreign investment, she said, adding that foreign direct investment has doubled to $60 billion from $36 billion in 2013-14.
Besides, she said, investment in infrastructure building, investment in its people and strengthening of cooperative and competitive federalism are foundation for more progress in the future.
 “We know that there is a very strong condition that extreme poverty would be history in India. The target date that was set 2026, I understand that the prime minister intends to shorten to 2022. Given the track record so far, I have no doubt that would be possible. And I have no doubt that when India hits another century, the century of independence in 2047, most people in India would be the part of global middle class. India will be a high middle income country,” she said.

Short URL : https://goo.gl/AngNHW
  1. https://goo.gl/ecBBNp
  • https://goo.gl/ahKcvV
  • https://goo.gl/6wd21U
  • https://goo.gl/1d9ZtV
  • https://goo.gl/dk13MD

You can also read ...

Philippines Rating Upgraded
Fitch Ratings on Monday upgraded Philippines’ credit rating to...
Beijing’s growing determination to curb debt-financed growth has already triggered a sharp sell-off in China’s government bond market and is fuelling concerns that the economy will slow, thus crimping global demand for commodities.
Inflows into emerging market bond and equity funds have been...
UNDP Says BRI Can Create Sustainable Growth
The Belt and Road Initiative has tremendous potential for...
Hackers Hit Major ATM Network
A previously undetected group of Russian-language hackers...
Diverse Views Fuel Bleak Prospects for WTO Meeting
The World Trade Organization’s Buenos Aires meeting commenced...
Will Cryptocurrencies Replace Dollar in Oil Trade?
The gradual acceptance of digital currencies, with major...
Base metals remain vulnerable to market factors.
The market for base metals is projected to grow at a robust...
Cboe tweeted that nearly 1,000 contract trades had been placed after two hours of initial trading.
Bitcoin has landed on Wall Street with a bang. Futures on the...

Add new comment

Read our comment policy before posting your viewpoints

Enter the characters shown in the image.