2021
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Lower-Middle-Income Country
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Lower Income Country
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Higher Income Country
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Developing Country
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Detailed explanation-1: -In its latest classification, the World Bank has classified India as a lower-middle-income country.
Detailed explanation-2: -India is currently what the World Bank describes as a lower middle income country.
Detailed explanation-3: -The World Bank assigns the world’s economies to four income classifications: low, lower-middle, upper-middle, and high-income countries.
Detailed explanation-4: -As per the latest World Inequality Report 2022, India is a “poor and very unequal country, with an affluent elite, ” where 57 percent of the national income is held by top 10 percent, while the share of the bottom 50 percent is merely 13 percent in 2021.
Detailed explanation-5: -India, the world’s sixth largest economy with a GDP of USD 2.7 trillion, is currently classified as a developing nation. “Even if you have relatively conservative real rates of growth of 7-7.5 per cent, we will get to a per capita income of about USD 10, 000.