MANAGEMENT

Detailed explanation-1: -India is likely to join the ranks of middle-income countries in the 2030s but will not have a per-capita gross national income comparable to upper MICs for 25+ years.

Detailed explanation-2: -Sri Lanka was elevated to the status of a lower middle income country in 1997 in terms of the World Bank classifications1. For the next 21 years, the country remained in this category though there was a slow and steady movement upward.

Detailed explanation-3: -I guess any income of a family of 4 consisting of income range of 10 lakhs to 25 lakhs is considered as upper middle class in India. They have about 40 percent to 50 percent of income left to save and invest after spending on necessities.

Detailed explanation-4: -Sri Lanka’s economy is in a deep slump, shrinking at an annual 8.4% in the June quarter in one of the steepest quarterly declines. Per capita GDP was $3, 815 in 2021, which had placed it in the lower-middle economy category, according to the World Bank.