India could be an upper middle income country within a decade4 min read 24 May 2022, 10:29 PM IST
It will take us less than 10 years to attain an income per head of $4,000 on projected trends of growth and the exchange rate
India is currently what the World Bank describes as a lower middle income country. The average income of an Indian was $1,935 in 2020. The International Monetary Fund (IMF) now estimates that number will go up to $3,769 in 2027, the latest year for which the multilateral lender publishes its forecasts, which were recently redone after the Indian government pointed out some inconsistencies in its calculations. This means that per capita income in India is expected to cross $4,000 towards the end of the decade. India will thus be on the cusp of becoming an upper middle income country, according to the current definition used by the World Bank.
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