India is set to transition to 'upper-middle income' country in next four years in 2030, joining the ranks of China and Indonesia, and become the third largest economy even earlier in 2028, an SBI Research report said on Monday. The World Bank classifies nations as low income, lower-middle income, upper-middle income and high-income countries based on their per capita GNI (Gross National Income) in US dollar. ADVERTISEMENTIn 1990, of the total 218 countries classified by the World Bank, 51 belonged to low income, 56 to lower-middle income, 29 to upper-middle income and 39 to high-income categories. The latest data in 2024 shows only 26 countries as low income, 50 as lower-middle income, 54 as upper-middle income and 87 as high income. It further said India took 60 years since Independence to reach USD 1 trillion, USD 2 trillion in another 7 years in 2014, USD 3 trillion in 2021, and USD 4 trillion in another 4 years in 2025.

Source: The Telegraph January 19, 2026 20:22 UTC