A leg up for India

Here's some cause for cheer-India will figure in the World Bank's list of lower middle income nations this financial year itself. According to projections by the PM's Economic Advisory Council, India's per capita income in 2007-08 is expected to be $1,021 (Rs 41,861), a growth of around 25 per cent over last year's figure of $831 (Rs 36,564 then).

This will place India in the same category as China, though its per capita income is much higher ($2,165 or Rs 95,260 in 2006). Right now India is languishing at the bottom of the heap, with countries like Afghanistan, Bangladesh and Pakistan. According to World Bank classifications, low income countries have a per capita income of $905 (Rs 37,105) or less; in lower middle-income countries, the figure is $906-3,595 (Rs 37,146-1,47,395), in upper middle income countries between $3,596 (Rs 1,47,436) and $11,115 (Rs 4,55,715) and in rich countries $11,116 (Rs 4,55,756) or more.

BRIC: Where they stand 
 

• India: Low Income Economy
  
• China: Lower-middle Income Economy 
  
•  Brazil: Upper-middle Income Economy 
  
•  Russia: Upper-middle Income Economy