According to World Bank’s classification, India is currently categorised as a lower middle-income country with a per capita Gross National Income (GNI) of between $1,006 and $3,955.
The World Bank considers countries of regions with a Gross National Income per capita between $3,956 and $12,235 as high middle-income economies.
"We have learnt that in reforms what pays off is persistence...what we are recognising in India is that this success today is to be turned into more energy in reforms for the future," she said.
In its 2017 Ease of Doing Business report, the World Bank credited India's jump in rankings to sustained business reforms over the past several years.
"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.
The report, based on data from the capital New Delhi and the financial hub of Mumbai, ranked India among the top 10 "improvers" globally, having done better in eight out of 10 business indicators.
Praising the Modi government’s decision to implement the Goods and Services Tax, the World Bank CEO it was “an incredible opportunity for India to grow through a unified internal market”, Press Trust of India reported.