{"id":91060,"date":"2019-07-04T16:08:28","date_gmt":"2019-07-04T23:08:28","guid":{"rendered":"http:\/\/www.lankaweb.com\/news\/items\/?p=91060"},"modified":"2019-07-04T16:08:28","modified_gmt":"2019-07-04T23:08:28","slug":"india-stays-lower-middle-income-nation-while-sri-lanka-gets-richer-report","status":"publish","type":"post","link":"https:\/\/www.lankaweb.com\/news\/items\/2019\/07\/04\/india-stays-lower-middle-income-nation-while-sri-lanka-gets-richer-report\/","title":{"rendered":"India stays lower-middle-income nation while Sri Lanka gets richer: Report"},"content":{"rendered":"

Courtesy B<\/strong>usiness Standard<\/em><\/span><\/h2>\n\n\n

Maldives ($9,310 or Rs 6,36,432) and Sri Lanka ($4,060 or Rs 2,77,542) are the only two countries in South Asia in the upper-middle-income group<\/h4>\n\n\n\n
\"\"\/<\/figure>\n\n\n\n

Mumbai<\/strong>: India continues to be a lower-middle-income country along with 46 others, while Sri Lanka <\/a>has climbed to the upper-middle-income group for the fiscal year (FY) 2020, according to the World Bank\u2019s classification of countries by income levels, released<\/a>on July 1, 2019.<\/p>\n\n\n\n

Sri Lanka <\/a>entered the lower-middle-income group in FY 1999, from the low-income category and continued for over two decades, before moving to the upper-middle-income group this year, the data<\/a> show. India became a lower-middle-income nation from low-income in FY 2009.<\/p>\n\n\n\n

The World Bank classifies economies based on gross national income (GNI) per capita (current US$) calculated using what is called the Atlas method<\/a>. The Bank uses four income groups: low ($1,025 or less; Rs 70,069 or less), lower-middle ($1,026 to $3,995; Rs 70,137 to Rs 2,73,098), upper-middle ($3,996 to $12,375; Rs 2,73,167 to Rs 8,45,955) and high ($12,376 or more; Rs 8,46,023 or more).<\/p>\n\n\n\n

Of 218 economies, 80 are in the high-income group, 60 in the upper-middle, 47 in the lower-middle and 31 in the low-income group. The classification is updated on the first day of July every year. The GNI per capita used for this year\u2019s classification is based on 2018 data<\/a>.<\/p>\n\n\n\n

Besides Sri Lanka, in 2019 six other countries–Argentina, Comoros, Georgia, Kosovo, Senegal and Zimbabwe–have seen classification changes based on income levels. Argentina is the only country that slipped from the high-income to upper-middle-income group. The rest moved up.<\/p>\n\n\n\n

Source: World Bank<\/a>, 2019<\/p>\n\n\n\n

Here is how classifications are determined<\/a>:<\/p>\n\n\n\n