Is India a Rich or a Poor Country?
India is a country of over 1.3 billion people, and it is the second most populous country in the world. It is also the seventh largest country in terms of land area. India is a developing country and is home to a large number of people living in poverty. So, is India a rich or a poor country?
To answer this question, it is important to look at the country’s GDP per capita. According to the World Bank, India’s GDP per capita in 2021 was $2,200. This is lower than the global average of $10,000. India is ranked 145th out of 193 countries for which data is available. This means that India is a lower-middle-income country, and it is placed above Kenya and below the Solomon Islands.
However, India’s economic growth has been strong in recent years. The country’s GDP has grown by an average of 7.3% per year since 2000. This is higher than the global average of 3.5%. This growth has been driven by the country’s rapidly expanding services sector, which now accounts for more than half of India’s GDP.
India also has a large number of wealthy individuals. According to Forbes, India is home to more than 100 billionaires. This is more than any other country in the world except the United States. India also has a large number of millionaires, with estimates ranging from 4 million to 8 million.
Despite this, the majority of India’s population still lives in poverty. According to the World Bank, around 22% of the population lives below the poverty line. This is higher than the global average of 10%. The poverty rate is particularly high in rural areas, where more than half of the population lives in poverty.
Overall, India is a lower-middle-income country. It has a large number of wealthy individuals, but the majority of the population still lives in poverty. The country’s economic growth has been strong in recent years, but there is still a long way to go before India can be considered a rich country.
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