♦ According to a World Bank report, India may take nearly 75 years just to achieve one-fourth of US income per capita. More than 100 countries, including India, China, Brazil, and South Africa face serious challenges in becoming high-income countries in the next few decades. The report titled 'World Development Report 2024: The Middle Income Trap'.

Highlites:

♦ At current trends, it will take China more than 10 years just to reach one-quarter of US income per capita, Indonesia nearly 70 years, and India 75 years. 

♦ At the end of 2023, 108 countries were classified as middle-income, each with annual GDP per capita in the range of $1,136 to $13,845. These countries are home to six billion people—75% of the global population—and two out of every three people living in extreme poverty.

♦ Since 1990, only 34 middle-income economies have managed to shift to high-income status and more than a third of them were either beneficiaries of integration into the European Union, or of previously undiscovered oil.