India to transform into middle-income country by 2030

Recently, Niti Aayog vice chairman Rajiv Kumar reported that India will transform into a middle-income country from a lower middle-income economy by 2030. According to him, India will witness a recovery in investment cycle by April 2021 and beef up efforts on trade front as well.

Daily Current Affairs Quiz 2020

Key-Points

India will witness a recovery in investment cycle by April 2021 and beef up efforts on trade front as well.

The major programmes are focusing on health and welfare of those who are at the bottom of the pyramid and next (focus is) on the industry and business, reducing liquidity constraint and insolvency especially for MSMEs.

For the current 2020 fiscal year, low-income economies are defined as those with a GNI per capita, calculated using the World Bank Atlas method, of $1,025 or less in 2018.

Lower middle-income economies are those with a GNI per capita between $1,026 and $3,995.

Upper middle-income economies are those with a GNI per capita between $3,996 and $12,375.

High-income economies are those with a GNI per capita of $12,376 or more.