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3:11 pm - Saturday November 25, 4620

India to become high middle income economy in next 30 years: World Bank CEO

Agencies, New Delh

World Bank CEO Kristalina Georgieva on Saturday said that reforms including the Goods and Services Tax (GST) push by the government will take India to a high middle income economy in next 30 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,” she said.

Addressing the ‘India’s Business Reforms’ session here today, Ms Georgieva said that India has achieved “extraordinary” achievement of quadrupling of per capita income in last few decades.

In the presence of Prime Minister Narendra modi she said, “What affects India, affects the World also.” Addressing the gathering she assured complete ‘unwavering commitment’ and support to fuel India’s growth momentum, adding that New Delhi’s success translates to global success.

World Bank Chief Executive Officer (CEO) Kristalina Georgieva said a jump of 30 spot in the ranking of ease of doing business is very rare since the beginning of the survey 15 year ago, especially given the size of the Indian population.

“I understand that in a cricket-loving nation hitting a century is a very important milestone,” she said. She added that high level ownership and championship of reforms is critical for success.

She further said, “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.”

In her speech she praised Prime Minister Narendra Modi to carry forward reformsand said that the reform creates an incredible opportunity for India to grow through unified internal market.

Citing the inflow of foreign direct investment (FDI) which has doubled to 60 billion dollar from 36 billion dollar in 2013-14, she said that there is visible impact of reforms on foreign investment.

Posted in: Business

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