India to be high middle income economy by 2047: WB CEO

Days after it gave India a 30 place jump in its ease of doing business ranking, the World Bank today said the Goods and Services Tax (GST) and reforms push by the government 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 when we talk about size of India. I understand that in a cricketloving nation hitting a century is a very important milestone," she said.

Last week, India moved for the first time into the top 100 of World Bank s Ease of Doing Business global rankings due to sustained business reforms over the past several years.

Last year the report had ranked India at 130.

Speaking at India's Business Reform even organised by Ministry of Commerce and Industry, she said, high level ownership and championship of reforms is critical for success.

"We have learnt that in reforms what pays off is persistence...what we are recognising in India is that this success today is to be turned into more energy in reforms for the future," she said.

Praising the efforts of Prime Minister Narendra Modi to carry forward reforms, including unification of indirect taxes, the World Bank CEO said the GST reform creates an incredible opportunity for India to grow through unified internal market.