India will be among the high income countries by 2047

The CEO of the World Bank said, “India will be among the countries with an income of higher than the average income according to its income per capita by 2047.”

According to Mehr News Agency quoting Economic Times, Kristalina Georgieva, the CEO of the World Bank said, “I admire the extraordinary achievement of India which has quadrupled its income per capita for three decades in pursuit of reforms in this country, and most Indians will be in the middle-income class by the time they are celebrating their 100th anniversary of independence.”

Referring to India’s commercial reforms even exercised by the Ministry of Commerce and Industry, Georgieva said, “India ranked among the first 100 countries in respect of business atmosphere of the World Bank ‘s list and promoted from the ranking of 130th in 2016 to that of 100th in 2017.”

According to the World Bank’s categorization, India is currently among the countries with lower than middle-income ones where the national gross income per capita is between 1006 USD and 3955 USD. The World Bank categorizes those countries with such a range of national gross income per capita among the ones having income below the average.”

The CEO of the World Bank said, “Regarding the reforms, we have learned that the debt settlement should continue, and what can be recognized in India today is this achievement which generates more energy for further reforms in future.”

Moreover, due to the sustainable reforms in India within the recent years, the World Bank increased the India’s business atmosphere, and as the World Bank’s officials said, “Such a leap in the ranking of business atmosphere has been unprecedented in the recent 15 years.”

Georgieva said, “Undoubtedly, India will be among the countries with an income of higher than the average income, and most Indians will be in the middle-income class by the time they are celebrating their 100th anniversary of independence.”

India has been among the world’s top 10 countries in terms of economic progress in recent years, and the policies followed by Indian Prime Minister Modi based on implementing tax reforms on commodity and service has led to the growth in the united and integrated Indian Market which should be admired.”

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