India is the seventh-largest country by area, and with more than 1.3 billion people it is the second-most populous country and the most populous democracy in the world.
GNI per capita, PPP (current international $) in India was reported at $6,490 in 2016, according to the World Bank collection of development indicators, compiled from officially recognized sources.
The World Bank has historically classified every economy as low, middle or high income. The World Bank further specifies its classes of countries into low, lower-middle, upper-middle and high income economies. The World Bank uses GNI per capita as the basis for this classification because it views GNI as a broad measure that is considered to be the single best indicator of economic capacity and progress.
MICs are broken up into lower-middle income and upper-middle income economies. Lower-middle income economies have per capita GNIs between $1,006 and $3,955, while upper-middle economies have per capita GNIs between $3,956 and $12,056. India at $6,490 in 2016 was thus about 50% below the threshold for high-income status.
MICs are a very diverse group by region, size, population and income level, ranging from tiny nations with very small populations such as Belize and the Marshall Islands to all four of the BRIC giants – Brazil, Russia, India and China. China and India together hold nearly one-third of humanity and continue to be increasingly influential players in the global economy.
A list of countries and territories considered high-income by the World Bank can be viewed here. Note that over time the World Bank has revised the nominal dollar threshold for high-income status, and it is highly probable that they will continue to do so in the future.
The threshold for high-income status currently stands at $12,056 gross national income per capita US$, calculated using the Atlas method.
The high-income threshold was originally set in 1989 at US$6,000 in 1987 prices. Thresholds for subsequent years were adjusted taking into account the average inflation in the G-5 countries (the United States, the United Kingdom, Japan, Germany and France), and from 2001, that of Japan, the United Kingdom, the United States and the eurozone. Thus, the thresholds remain constant in real terms over time.
When will India become a World Bank high-income country?
Resolution should cite a press release or other information from the World Bank, or credible media reports citing World Bank sources.
The question resolves ambiguously if the World Bank ceases to exist before India is designated a high-income country, or if India ceases to exist as a geopolitical entity before being designated high-income by the World Bank.