India is projected to transition into an upper-middle income economy by 2030, according to a new research report from SBI Research. This milestone would align India with peers such as China and Indonesia in the World Bank’s income classification, reflecting continued robust economic growth.
Key Highlights
- SBI Research projects India’s per capita income nearing $4,000, enabling upper-middle income status by 2030.
- Strong GDP growth and structural reforms support India’s transition toward a $5 trillion economy.
The report outlines India’s remarkable growth trajectory over the past decades, showing how the nation has steadily climbed the income ladder. Since Independence, India took about six decades to move from a low-income economy to a lower-middle income status in 2007. In recent years, per capita Gross National Income (GNI) has risen steadily, with India achieving $1,000 per capita in 2009 and $2,000 by 2019. It is now expected that per capita income will approach roughly $4,000 by 2030, enabling the country’s shift into the upper-middle income bracket under current classification thresholds.
The SBI report also highlights India’s expanding economic scale. After crossing the $4 trillion mark in 2025, the country is projected to become a $5 trillion economy within the next couple of years. This growth is bolstered by strong GDP performance, structural reforms, and rising productivity, which have increased India’s relative position among global economies.
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Looking beyond 2030, the report assesses India’s long-term ambition of becoming a high-income country by 2047 in line with the nation’s “Viksit Bharat” vision. Achieving that status would require sustained high growth rates in per capita GNI and continued policy support.
