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Currently India is a lower middle income category country according to the World Bank. The World Bank defines such economic categories based on:
- a)Economic size, economic potential, and population of a country
- b)Poverty rate, index of inequality, and overall national income
- c)Gross national income in US dollars
- d)Per capita gross national income in US dollars
- e)None of the above/More than one of the above
Correct answer is option 'D'. Can you explain this answer?
Most Upvoted Answer
Currently India is a lower middle income category country according to...
The World Bank assigns the world’s economies to four income groups—low, lower-middle, upper-middle, and high-income countries.
The classifications are updated each year on July 1 and are based on GNI per capita in current USD (using the Atlas method exchange rates) of the previous year (i.e. 2020 in this case).
The World Bank data shows that India’s gross national income per person rose to $1,670 in 2016 and it would take India more than a decade to rise from its current lower middle income category to the upper middle income level.
The classifications are updated each year on July 1 and are based on GNI per capita in current USD (using the Atlas method exchange rates) of the previous year (i.e. 2020 in this case).
The World Bank data shows that India’s gross national income per person rose to $1,670 in 2016 and it would take India more than a decade to rise from its current lower middle income category to the upper middle income level.
Important Facts:
The classifications change for two reasons:
The classifications change for two reasons:
- In each country, factors such as economic growth, inflation, exchange rates, and population growth influence GNI per capita. Revisions to national accounts methods and data can also have an influence in specific cases.
- To keep the income classification thresholds fixed in real terms, they are adjusted annually for inflation. The Special Drawing Rights (SDR) deflator is used, which is a weighted average of the GDP deflators of China, Japan, the United Kingdom, the United States, and the Euro Area. This year, the thresholds moved up in line with this inflation measure. The new thresholds (for GNI per capita in current USD, Atlas method) are as follows:
Community Answer
Currently India is a lower middle income category country according to...
The World Bank assigns the world’s economies to four income groups—low, lower-middle, upper-middle, and high-income countries.
The classifications are updated each year on July 1 and are based on GNI per capita in current USD (using the Atlas method exchange rates) of the previous year (i.e. 2020 in this case).
The World Bank data shows that India’s gross national income per person rose to $1,670 in 2016 and it would take India more than a decade to rise from its current lower middle income category to the upper middle income level.
The classifications are updated each year on July 1 and are based on GNI per capita in current USD (using the Atlas method exchange rates) of the previous year (i.e. 2020 in this case).
The World Bank data shows that India’s gross national income per person rose to $1,670 in 2016 and it would take India more than a decade to rise from its current lower middle income category to the upper middle income level.
Important Facts:
The classifications change for two reasons:
The classifications change for two reasons:
- In each country, factors such as economic growth, inflation, exchange rates, and population growth influence GNI per capita. Revisions to national accounts methods and data can also have an influence in specific cases.
- To keep the income classification thresholds fixed in real terms, they are adjusted annually for inflation. The Special Drawing Rights (SDR) deflator is used, which is a weighted average of the GDP deflators of China, Japan, the United Kingdom, the United States, and the Euro Area. This year, the thresholds moved up in line with this inflation measure. The new thresholds (for GNI per capita in current USD, Atlas method) are as follows:
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Currently India is a lower middle income category country according to the World Bank. The World Bank defines such economic categories based on:a)Economic size, economic potential, and population of a countryb)Poverty rate, index of inequality, and overall national incomec)Gross national income in US dollarsd)Per capita gross national income in US dollarse)None of the above/More than one of the aboveCorrect answer is option 'D'. Can you explain this answer?
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Currently India is a lower middle income category country according to the World Bank. The World Bank defines such economic categories based on:a)Economic size, economic potential, and population of a countryb)Poverty rate, index of inequality, and overall national incomec)Gross national income in US dollarsd)Per capita gross national income in US dollarse)None of the above/More than one of the aboveCorrect answer is option 'D'. Can you explain this answer? for BPSC (Bihar) 2024 is part of BPSC (Bihar) preparation. The Question and answers have been prepared according to the BPSC (Bihar) exam syllabus. Information about Currently India is a lower middle income category country according to the World Bank. The World Bank defines such economic categories based on:a)Economic size, economic potential, and population of a countryb)Poverty rate, index of inequality, and overall national incomec)Gross national income in US dollarsd)Per capita gross national income in US dollarse)None of the above/More than one of the aboveCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for BPSC (Bihar) 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Currently India is a lower middle income category country according to the World Bank. The World Bank defines such economic categories based on:a)Economic size, economic potential, and population of a countryb)Poverty rate, index of inequality, and overall national incomec)Gross national income in US dollarsd)Per capita gross national income in US dollarse)None of the above/More than one of the aboveCorrect answer is option 'D'. Can you explain this answer?.
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