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Over the past few decades, India has emerged as a prominent nation among developing countries across the world, with China, Brazil and South Africa seen as competitors for the next big economic power. But the new classification by the World Bank might come as a shock for many, as India will now be called a lower middle income country.
The new nomenclature by the world bank puts countries in different categories to be more specific, and countries with gross national income (GNI) per capita of $1046 are placed at the bottom of the list. Those with GNI per capita between $4,126 to $12,735 are categorised as lower middle income economies, Business Insider reported.
Among other aspects, India lagged behind when it came to labour force participation rate, electricity generation and access to improved sanitation. Also, maternal deaths and under five mortality brought it down. The time required to start a business in India was also 29 days, as opposed to a global average of 20 days, The Economic Times reported.
As per the classification, Afghanistan, Bangladesh and Nepal are low-income economies, Pakistan and Sri Lanka fall under lower-middle-income, Brazil, South Africa and China under upper middle income, Russia and Singapore under high-income-Non-OECD and the US under high income-OECD.