1. How does the World Bank classify countries based on income levels

• The World Bank classifies economies based on Gross National Income (GNI) per capita.
• This is based on nominal exchange rates.
• High Income: GNI per capita > $13,205.
• Upper Middle Income: $4,255<GNIpercapita<$13,205.
• Lower Middle Income: $1,085<GNIpercapita<$4,255.
• Low Income: GNI per capita < $1,085.
• India belongs to the “Lower Middle” group.