India is among 47 lower middle income nations in the world. Along with Bangladesh and Bhutan, India’s status remains unchanged since 2009 when it transitioned to Lower Middle Income Economy from low income one.
Even among BRICS nations, India is the only lower middle income country. Within South Asia, Sri Lanka and the Maldives have progressed. Both are the only upper middle income nations in South Asia.
The world bank used Gross National Income per capita to classify economies. Countries with a GNI per capita of less than $1000 are low income economies.
Lower middle income countries like India fall between approximately $1000 to $4000. To be a high income economy, the GNI per capita must be above $12,000
A change in economic growth, inflation, exchange rates, and population of a country can affect the GNI of a country.