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In 2019 the poverty line reduced further to about 2 7 and india no longer holds the position of the nation with the largest population under poverty.
Per capita income of upper middle class in india. Countries with per capita gdp of 5000 or above comprised the upper middle income group. 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. 2019 in this case. 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.
The gni per capita is the dollar value of a country s final income in a year divided by its population. The world bank classifies the world s economies into four income groups high upper middle lower middle and low. A family of 4 which can rent a 2 bedroom apartment in a average area of city. The world bank assigns the world s economies to four income groups low lower middle upper middle and high income countries.
We base this assignment on gross national income gni per capita current us calculated using the atlas method. It should be reflecting the average before tax income of a country s citizens. Hence lower middle class status starts at approx 6 lacs annual income before taxes and savings. India continues to be a lower middle income country along with 46 others while sri lanka has climbed to the upper middle income group for the fiscal year 2020 according to the world bank s.
Knowing a country s gni per capita is a good first step toward understanding the country s economic strengths and needs as well as the general standard of living enjoyed by the average citizen. Buy and maintain a car such as hyundai i10. It said india will need to increase energy consumption by at least 2 5 times to increase its real per capita gdp to 5 000. India currently falls in the lower middle income.
At present india s energy consumption stands at one third of the global average even though it is the second most populous. The classification is updated each year on july 1 st. The classification of countries is determined by two factors.
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