India: From Low-Income to Middle-Income, What's Next?

Published On: August 01, 2024 - India is officially a middle-income country, and the World Bank agrees. It’s a huge leap from where we were back in 2006 when India was considered a low-income country. Thanks to impressive economic growth, averaging 6-7% annually, our per capita income rose, prompting the World Bank to upgrade us to the lower-middle-income category in 2007. And we’ve held that position since then...But India is also at risk of entering a 'middle-income trap'.