In which income group does India fall on the basis of Gross National Income classified by the World Bank?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is Option 2 i.e. Lower-middle income group.
India falls into the "lower-middle-income" group based on Gross National Income (GNI) per capita. The World Bank classifies economies into four income groups: low, lower-middle, upper-middle, and high income. India's classification is determined by its GNI per capita, which falls within the range specified for lower-middle-income countries. This classification helps in understanding the economic status and development needs of the country.