India To Be A High Middle Income Economy By 2047, Says World Bank: Details Here

India is currently ranked under 100 under the World Bank Ease of Doing Business Index.

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India To Be A High Middle Income Economy By 2047, Says World Bank: Details Here

India moved into the top 100 of World Banks Ease of Doing Business global rankings.

Applauding India’s “extraordinary achievement” of quadrupling of per capita income to reforms taken in last three decades, World Bank Chief Executive Officer (CEO) Kristalina Georgieva said that most people in India would be the part of global middle class by the time of the country’s 100th anniversary of Independence. Georgieva made the comments while speaking at India's Business Reform even organised by Ministry of Commerce and Industry. India moved into the top 100 of World Bank’s Ease of Doing Business global rankings in a report released on October 31, a big jump in rankings from its 130th position in 2016.

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.

Comparing the achievement of securing 100th rank in the latest Doing Business Report to hitting century in cricket parlance, the World Bank CEO said a jump of that nature is very rare since the beginning of the survey 15 year ago.

"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.

 

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