NITI Aayog: India will transform in to a middle-income country in 2030
The NITI Aayog recently announced that India will recover from the COVID-19 crisis by April 2021. Also, NITI Aayog has said that India will transform into a lower middle-income country to a middle-income country by 2030.
According to NITI Aayog, it is unfair to compare India’s dealing of COVID-19 crisis with western countries.
Gross National Income (GNI)
The GNI per capita is the dollar value of the final income of the country in a year divided by its population. India with GNI of 2000 USD is a lower middle income country.
The World Bank defines middle income countries as the country with Gross National Income (GNI) per capita of 1000 USD to 12,000 USD in 2011 prices. The countries with GNI greater than 12,000 USD are high income countries and those with GNI less than 1000 USD are low income countries. The thresholds are fixed by the World Bank and was last updated in July 2019.
Among the BRICS nations, India is the only lower middle-income country.
Month: Current Affairs - June, 2020