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

India currently ranks under 100 under the World Bank Ease of Doing Business Index

Applauding India’s achievement of quadrupling of the per capita income to the reforms taken in the last thirty years, World Bank Chief Executive Offer, Kristalina Georgieva said that majority people in India would be a part of the global middle class by the time of the country’s 100th anniversary of Independence. India recently moved into the top 100 of the World Bank’s Ease of Doing Business global rankings which was a huge leap from 130 in 2016.

According to the classification of World Bank, India is categorized as a lower middle income country with per capital Gross National Income between $1,006 to $3,955. Regions with Gross National Income per capita between $3,956 and $12,235 are considered as high middle income economies. Hence, India falls under the middle income economy. She mentioned that what pays off in reforms is persistence. And what India is today will be turned into more energy in reforms for the coming years. The World Bank credited India’s jump in the Ease of Doing Business report to the sustained business reforms over the past several years. She also mentioned that a jump like India in the ease of doing business ranking is very rare.

With India hitting another century, the century of independence in 2047, most people in the country would be a part of the global middle class and India will be a high middle income country. The report has ranked India among the top 10 improvers across the world, having done better in eight out of 10 indicators of business. GST is seen as an incredible opportunity for the country to grow through a unified internal market. India aims to be in the top 50 countries in the Ease of Doing Business report next year. With a range of reforms and initiatives taken by the Government, it is possible to achieve a huge feat in the coming year. The World Bank has appreciated the efforts of the Government and sees a huge opportunity in the country in the next few years.