India to be high middle income economy |
Days after it gave India a 30 place jump in its ease of doing business ranking, the World Bank has said the Goods and Services Tax (GST) and reforms push by India 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. It is particularly rare for India`s size. The World Bank CEO said the GST reform creates an incredible opportunity for India to grow through unified internal market. There is visible impact of reforms on foreign investment, she said, adding that foreign direct investment (FDI) has doubled to USD 60 billion from USD 36 billion in 2013-14. Besides, she said, investment in infrastructure building, investment in its people and strengthening of cooperative and competitive federalism are foundation for more progress in the future. There is a very strong condition that extreme poverty would be history in India. The target date that was set 2026, may shorten to 2022. Given the track record so far, there is no doubt that would be possible.
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