A day after PM Modi said that India will be USD 5 trillion economy by 2022, the World Bank expressed its trust on India as it said that the nation is well-positioned in becoming higher middle-income country by 2030. This has once again proved that the Indian economy is on the right track and will benefit each and every individual.
Hartwig Schafer, World Bank South Asia vice president said “With a fast-growing economy, global stature, and its unique experience of lifting the highest number of poor out of poverty in the past decades, India is well-positioned to become a high middle-income country by 2030”.
Junaid Ahmad, Country Director, World Bank, India said “It’s a five-year framework that commits the Bank’s engagement in India, both in areas where what we’ll do, how we will work in these areas and the level of financial commitment. This is the first country partnership framework written with India”.
It should be noted that the World Bank has observed that the growth of India has become more stable and is resilient even though the bigger economies like that of China and USA have slowed down their speed of growth. The economy is back on track after the implementation of GST and demonetization and the growth rate in rapidly increasing and has reached the eight per cent mark.
Junaid Ahmad added “The CPF was preceded by a systematic country diagnostic or SCD that offered a narrative about India. What are the challenges going forward in terms of the growth of India? And what are the challenges that India faces in achieving the twin goals that the World Bank has put for itself, which is reduction in extreme poverty and the increase in shared prosperity”.
He added “It recognizes that India has gone from a low-income country status to a low-middle income. And now India is entering the economic transformation from low-middle income to high-middle income (country). This CPS is about how can the Bank support this transition”.
Now one would be surprised to see how India has made such a rapid progress even though the economy was on a verge of collapsing in the early 2014. It was due to the sound economic policies framed by the cabinet of PM Modi that in just a span of 4 years, India overtook several leading economies.
A report has even said that in the next decade, China’s economy would collapse but India’s would progress. Still, the opposition has not stopped ridiculing the Narendra Modi government.
Source: Financial Express