India likely to enter upper middle-income bracket by 2030: SBI report

Key Highlights

• This upward repositioning reflects a sustained acceleration in growth momentum, placing India deeper into the upper tail of global growth performers.
• Tracing India’s income transition, the report notes that the country took nearly six decades to move from a low-income economy to a lower middle-income economy in 2007, with per capita GNI rising from USD 90 in 1962 to USD 910.
• Since then, the pace has significantly quickened.
• India achieved a per capita income of USD 1,000 in 2009, crossed USD 2,000 in 2019, and is projected to reach USD 3,000 by 2026.
• By 2030, per capita GNI is expected to touch around USD 4,000, meeting the World Bank threshold for entry into the upper middle-income category and placing India alongside countries such as China and Indonesia at their current classification levels.