According to the World Bank, Low Income Economies are those economies with a GNI per capita of more than $1,045 but less than $12736 in 2014 (Atlas Method).
The World Bank classifies world economies into – low income economies, middle income economies and high-income economies. Middle income economies are further divided into lower middle-income economies and higher middle-income economies.
India is having a GDP PCI of $ 1613 as on 2015. Hence, the country belongs to the lower middle-income category.
World Bank Classification
Low income economies are defined as those with a GNI per capita of $1,045 or less in 2014; middle-income economies are those with a GNI per capita of more than $1,045 but less than $12,736; high-income economies are those with a GNI per capita of $12,736 or more. Lower-middle-income and upper-middle-income economies are separated at a GNI per capita of $4,125. The World Bank also uses PPP methodology to classify countries in terms of PCI.
Economies are classified by the World Bank on atlas method, current US $ method, PPP method etc., considering their per capita income.
