Economic reforms such as GST could turn India into a high middle-income economy in 30 years, the World Bank said on Saturday. The World Bank considers countries of regions with a Gross National Income per capita between $3,956 and $12,235 as high middle-income economies. India currently falls in the lower middle-income category, recording a GNI per capita of $1,680 in 2016, according to World Bank data. While lower income economies accounted for GNI per capita of $1,005 or less in 2016, lower middle-income economies were those between $1,006 and $3,955, and high income economies had $12,236 or more. The World Bank measures GNI per capita in US dollars by converting local currency using its World Bank Atlas method.

Source: Hindustan Times November 05, 2017 04:52 UTC