What is the current status of India’s economy in terms of market classification by the World Bank and the International Monetary Fund?
[amp_mcq option1=”Low-income economy” option2=”Middle-income economy” option3=”High-income economy” option4=”Upper-middle-income economy” correct=”option2″]
This question was previously asked in
UPSC Combined Section Officer – 2019-20
The World Bank classifies economies based on Gross National Income (GNI) per capita. As of the latest classification (updated July 1, 2023, based on 2022 GNI), India falls into the lower-middle-income group. The broad categories are low-income, middle-income (which includes lower-middle and upper-middle), and high-income economies. Therefore, ‘Middle-income economy’ is the correct broad classification among the given options.