The Narendra Modi government’s push to reform the economy will help India become an upper middle-income economy by 2047, when it will celebrate the centenary of its independence, World Bank Chief Executive Officer Kristalina Georgieva said on Saturday.
She also promised the organisation’s “unwavering commitment” and support to help India increase its growth momentum, ANI reported.
“India has achieved remarkable overall success. A jump of this nature is very rare, especially in the case of India, with such a large population,” Georgieva said, referring to India’s improved ranking in the World Bank’s Ease of Doing Business list. “This needs to translate to more reforms for the future.”
Using cricket parlance, she compared India’s achievement to scoring a century.
Praising the Modi government’s decision to implement the Goods and Services Tax, the World Bank CEO it was “an incredible opportunity for India to grow through a unified internal market”, PTI reported.
The reforms push had helped double foreign direct investment over the past four years to $60 billion (approximately Rs 3.88 lakh crore), she noted. Investment in infrastructure, people and strengthening the country’s cooperative and competitive federal structure are the foundations of growth in the future, Georgieva added.
She said it was possible to end extreme poverty in the country by 2022. “The target date that was set for 2026, I understand that the prime minister intends to shorten to 2022,” she said. “Given the track record so far, I have no doubt that would be possible.”
The World Bank CEO was speaking at an event organised by the Ministry of Commerce and Industry.