Challenges faced by India as a Middle Income Country UPSC - IAS EXAM
India is a middle income country in spite of being the world’s 5th-largest economy by nominal GDP, highlighting the issue of Middle-income Trap. As per the Finance Ministry India is anticipated to become the third-largest economy in the world with a GDP of $5 trillion in the next three years and touch $7 trillion by 2030.
India has also set an ambitious goal to become a US$ 30 trillion economy through 2047.
NITI Aayog’s vision for Viksit Bharat aims to raise India to high-income reputation via its centenary of independence.
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