HIGH INCOME COUNTRY
STATUS - ECONOMY
News:
India's goal to become high-income
country by 2047 unlikely to be achieved
What's in the news?
●
Recently, Prime Minister
Narendra Modi's goal of making India a
high-income economy by 2047 is unlikely to be achieved, but the country
should become an upper middle-income
nation by then, Financial Times chief economics commentator Martin Wolf
said.
High Income Country
Status:
●
A high-income country,
as defined by the World Bank, is a nation with a high gross national income (GNI) per capita.
World Bank
Classification:
●
For the fiscal year
2024, the World Bank classifies countries with a GNI per capita of $13,845 or more as high-income.
●
These countries
typically have advanced infrastructure,
high standards of living, well-developed education and healthcare systems,
and diversified economies.
Examples
- United States, Germany, Japan, and Australia.
Go back to basics:
Middle Income Countries
(MICs):
●
The world’s Middle-Income
Countries (MICs) are a diverse group by size, population, and income level.
Classification:
●
Lower
Middle-income Economies - those with a GNI per
capita between $1,086 and $4,255.
●
Upper
Middle-income Economies - those with a GNI per
capita between $4,256 and $13,845 (2024).
India's Status:
●
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 $2,390 in
2022.
●
According to the latest
government data, India's per-capita income stood at ₹1,69,496, or $2,040, in FY23.