India Set to Become Upper-Middle-Income Country by 2028

An SBI report projects India will become an upper-middle-income country within four years, with its per capita income exceeding $4,000 by 2030.

India, the world's fastest-growing economy, is poised to become an upper-middle-income country in the next four years. A study report by the State Bank of India (SBI) also states that India will become a $5 trillion (Rs 415 lakh crore) economy in the next two years.

The World Bank classifies countries as low, middle, upper-middle, and high-income based on per capita income. According to this calculation, by 2030, the per capita income of Indians will cross $4,000 (Rs 3.60 lakh), and India will emerge as an upper-middle-income country, the report said.

What else is in the report?:

According to the SBI report, India's economy performed better than 95% of the world's countries in the decade between 2014 and 2024. It took India about 60 years (in 2007) to transition from a low-income country to a middle-income country. The total per capita income, which was $90 (Rs 8,100) in 1962, reached $910 (Rs 82,000) in 2007.

After independence, it took India 62 years (2009) to become a country with a per capita income of $1,000. From there, it took 10 years (2019) to reach a per capita income of $2,000, and it will take 7 years (2026) to reach $3,000. In 2030, India will become a nation with a per capita income of $4,000 (Rs 3.40 lakh). With this, it will join the group of countries like China and Indonesia, which are currently in this position, the report said.

Path of the economy:

It took India about 60 years to become a $1 trillion (Rs 83.25 lakh crore) economy. It took seven years (2014) to become a $2 trillion economy. After that, it took seven years (2021) to become a $3 trillion economy. Subsequently, it will take 4 years (2025) to become a $4 trillion (Rs 332 lakh crore) economy, and only 2 years (2028) to become a $5 trillion (Rs 415 lakh crore) economy, the report stated.

Path of per capita income

Year - Per capita income

1962 - Rs 8,100

2009 - Rs 90,000

2019 - Rs 180,000

2026 - Rs 270,000

2030 - Rs 360,000

Path of economic growth

Year - GDP

2007 $1 trillion

2014 $2 trillion

2021 $3 trillion

2025 $4 trillion

2028 $5 trillion