Published On: Sat, Nov 4th, 2017

Extreme Poverty Will Be History In India: World Bank CEO

World Bank Chief Executive Officer Kristalina Georgieva said Saturday India would become a high middle income economy in next thirty years, by 2047, citing the Goods and Services Tax (GST) and reforms pushed by the current government.

Georgieva credited the extraordinary achievement of quadrupling of per capita income of the country in about past three decades.

India currently has moved into the top 100 list of World Bank in Ease of Doing Business global rankings.

In 2016 the country ranked at 130.

Speaking at the Business Reform event in capital New Delhi, organized by Ministry of Commerce and Industry, the CEO added achieving a century in a cricket-loving nation is an important milestone.

Extreme Poverty Will Be History In India- World Bank CEO

She further mentioned, “We have learned that in reforms what pays off is persistence… what we are recognizing in India is that this success today is to be turned into more energy in reforms for the future.”

Georgieva praised the reform process of Prime Minister Narendra Modi saying GST creates an incredible opportunity for the nation to grow and foreign direct investment (FDI) has increased by 100 percent to USD 60 billion from USD 36 billion in 2013-14.

She continued that extreme poverty would soon become a history in the country.

She said, “What we have seen in remarkable overall success story of India.”

About the Author

- Paul Linus is an eminent online journalist who has been writing news, features and editorials on different websites from across the world for about a decade.

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