World Bank to change classification of countries; India will now be called ‘lower-middle income’ and India ranked 7th richest country in the world

And India — which till now was commonly quoted under ‘developing’ countries —will now be called ‘lower-middle income country/South Asia’.Also

India has been ranked among the 10 wealthiest countries globally with total individual wealth of USD 5,200 billion, but this is largely owing to its large population, a report said, adding that on a per capita basis, the average Indian is “quite poor”.

This also shows the contrast among the statements

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