12th March 2024 (8 Topics)
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Upper-Middle Income Country
Context
The Indian economy is likely to transition to an upper-middle income country, with per capita income of USD 4466, between the financial years 2033 and 2036, as per India Ratings and Research (Ind-Ra).
About
- Until 2006, the World Bank classified India as a low-income country. In 2007, India moved to the lower-middle income country and since then has remained there.
- India’s per capita GDP stood at USD 2,390 in 2022.
- A country with per capita income in the range of USD 4,466 to USD 13,845 is categorised as upper-middle income economy.
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