India an upper-mid-income economy in 7 years: Crisil.

Syllabus: GS-III, Subject: Economy, Topic: Growth and Development, Inclusion, Issue: Credit Rating Agencies

Context: Report by credit rating agency Crisil.


  • By 2031, the economy will be near the $7 trillion milestone, positioning India as an upper-middle-income country.
  • India will be the third largest economy by 2031.
  • World Bank classifies countries based on GNI per capita into
    • High income economies
    • Upper-middle income economies
    • Lower-middle income economies
    • Low income economies
  • India’s per capita income in 2022-23 was 1,69,496 at current prices.
Credit Rating Agencies

●       Companies that evaluate the creditworthiness of borrowers, typically businesses and governments.

●       E.g. Crisil, ICRA, etc.

●       In India they are primarily regulated by the Securities and Exchange Board of India (SEBI) through the SEBI (Credit Rating Agencies) Regulations, 1999

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