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What is the current status of India’s economy in terms of market class

June 1, 2025 by rawan239

What is the current status of India’s economy in terms of market classification by the World Bank and the International Monetary Fund?

Low-income economy

Middle-income economy

High-income economy

Upper-middle-income economy

This question was previously asked in

UPSC Combined Section Officer – 2019-20

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India is classified as a middle-income economy by the World Bank.

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.

The income classifications by the World Bank are used for analytical purposes and do not imply any specific development stage. The thresholds are updated annually to account for inflation and other factors. The International Monetary Fund (IMF) also uses similar categorizations, often classifying countries as advanced economies, emerging market and developing economies. India is typically included in the latter category, consistent with being a middle-income country by World Bank standards.

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