1. World Bank CEO Kristalina Georgieva lauds India’s growth, says country will become high middle-income economy by 2047

World Bank CEO Kristalina Georgieva lauds India’s growth, says country will become high middle-income economy by 2047

The Ease of Doing Business report for 2018 was released by the World Bank earlier in the week. With the release of the list, the position of India jumped 30 places.

By: | New Delhi | Published: November 6, 2017 3:17 PM
Ease of Doing Business, Kristalina Georgieva, India, Narendra Modi, Ease of Doing Business ranking, World Bank, global rankings, century of independence, 2047, middle-income country, high middle-income country Kristalina Georgieva, the chief executive officer of World Bank. (Reuters)

The Ease of Doing Business report for 2018 was released by the World Bank earlier in the week. With the release of the list, the position of India jumped 30 places. While it was ranked at 130 last year, it is for the first time that India has moved into the top 100 of World Bank’s Ease of Doing Business global rankings due to sustained business reforms over the past several years. Kristalina Georgieva, the chief executive officer of World Bank termed this jump ‘very rare’ and a ‘very important milestone’ for the country while speaking at India’s Business Reform event organised by Ministry of Commerce and Industry. While praising the Prime Minister Narendra Modi government’s idea to implement the Goods and Services Tax into the economy, she said, “An incredible opportunity for India to grow through a unified internal market.”

In an interview with CNBC TV18, Georgieva said that a report with an analysis of what else can be done to further increase the country’s ranking has been given to the Prime Minister’s office. She also talked about the Government of India’s Swachh Bharat initiative and said, “our funds should start coming in soon.” While talking about the condition of the country, the World Bank CEO said, “We know that there is a very strong condition that extreme poverty would be history in India. The target date that was set 2026, I understand that the Prime Minister intends to shorten to 2022. Given the track record so far, I have no doubt that would be possible.” She further added, “And 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 the global middle class. India will be a high middle-income country”

Kristalina while talking about the jump that India has made on the list said, “It is particularly rare when we talk about the size of India. I understand that in a cricket-loving nation hitting a century is a very important milestone.”

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