Another great news for India, soon after jumping 30 places in the ‘ease of business index’ the World Bank’s CEO has estimated that India will be among the high-middle income countries by 2047.
The CEO of World bank Kristalina Georgieva said “In the last three decades, India’s per capita income has quadrupled. I have no doubt India when it hits its century of independence in 2047,” she explained that the big jump in ease of business index was a very rare one and is showing the chances of India to become stronger economically in the upcoming years. She praised Narendra Modi for his decisions that led India to achieve such a ranking in ease of doing business.
India has seen a big rise in foreign direct investment (FDI) to USD 60 billion from USD 36 billion in 2013-14. According to World Bank, India is currently a lower middle-income country with a per capita Gross National Income (GNI) of between 1,006 and $3,955.
Pakistan, Sri Lanka and Bangladesh along with India are among lower-middle-income economies according to this list. China and Brazil are upper-middle-income economies, while Nepal falls in the low-income category. Whereas, United States, United Kingdom, Japan, Norway and the UAE belong to the high-income category.
