India to be high middle income economy by 2047: World Bank CEO

 

The World Bank has said that the Goods and Services Tax (GST) 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 (CEO) Kristalina Georgieva said a jump of that nature is very rare since the beginning of the survey 15 year ago.

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.

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.