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06-Nov2017

India to become high middle-income economy by 2047: World Bank

Days after it gave India a 30 place jump in its 'ease of doing business' ranking among 190 countries, the World Bank in its latest report has said that the Goods and Services Tax (GST) regime and Narendra Modi-led government's resolve to push reforms would catapult the country to become a high middle-income economy by the year 2047. The multilateral development bank also credited India's extraordinary achievement of quadrupling of per capita income to reforms taken over past three decades.

Comparing the country's achievement of moving into the top 100 in ease of doing business global rankings from its 130th position last year, World Bank Chief Executive Officer (CEO) Kristalina Georgieva has said that India has achieved remarkable overall success and a jump of this nature is very rare since the beginning of the survey 15 year ago. She said “I understand that in a cricket-loving nation hitting a century is a very important milestone.”  She noted that 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. She said “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.”

Lauding government's efforts to carry forward reforms, including unification of indirect taxes, the World Bank CEO has said that the GST reform creates an incredible opportunity for India to grow through unified internal market. She also pointed out that there is visible impact of reforms on foreign investment and added that foreign direct investment (FDI) has doubled to $60 billion from $36 billion in 2013-14. Besides, she noted that investment in infrastructure building, investment in its people and strengthening of cooperative and competitive federalism are foundation for more progress in the future.


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