India stays lower-middle-income nation while Sri Lanka gets richer: Report

Maldives ($9,310 or Rs 6,36,432) and Sri Lanka ($4,060 or Rs 2,77,542) are the only two countries in South Asia in the upper-middle-income group

Mumbai: India continues to be a lower-middle-income country along with 46 others, while Sri Lanka has climbed to the upper-middle-income group for the fiscal year (FY) 2020, according to the World Bank’s classification of countries by income levels, released on July 1, 2019.

Sri Lanka entered the lower-middle-income group in FY 1999, from the low-income category and continued for over two decades, before moving to the upper-middle-income group this year, the data show. India became a lower-middle-income nation from low-income in FY 2009.

The World Bank classifies economies based on gross national income (GNI) per capita