India won’t be called a ‘developing nation’ now. Here is the new nomenclature and it might irk you
Advertisement
World Bank has decided to do away with old nomenclature of ‘developed and developing’ nations based on their prosperity and is giving new classification to countries with more precision.
Until now, India was known as a developing nation but now it will be known as 'lower-middle income country/South Asia'.
World Bank has given this nomenclature to be more specific.
For example, India, Malawi and Mexico may be hardly comparable even if a few economic and social parameters overlap.
Till now, developing stood for low-and middle-income countries while high-income countries were called 'developed'.
Also, Mexico, China and Brazil will be called 'upper-middle income'; India, Pakistan, and Bangladesh 'lower-middle income'.
World Bank data states that India languishes on many indicators such as labour force participation rate, electricity generation and access to improved sanitation facilities.
Time required to start a business in India was 29 days in June 2015 against the global average of 20 days.
After this decision, United Nations may also follow suit.
Under the UN's current classification, all of Europe and Northern America along with Japan, Australia and New Zealand are classified as developed regions, and all other regions are developing.
Advertisement
Until now, India was known as a developing nation but now it will be known as 'lower-middle income country/South Asia'.
For example, India, Malawi and Mexico may be hardly comparable even if a few economic and social parameters overlap.
Till now, developing stood for low-and middle-income countries while high-income countries were called 'developed'.
Advertisement
World Bank data states that India languishes on many indicators such as labour force participation rate, electricity generation and access to improved sanitation facilities.
Time required to start a business in India was 29 days in June 2015 against the global average of 20 days.
After this decision, United Nations may also follow suit.
Under the UN's current classification, all of Europe and Northern America along with Japan, Australia and New Zealand are classified as developed regions, and all other regions are developing.
Advertisement
(Image: Reuters)Advertisement
- I quit McKinsey after 1.5 years. I was making over $200k but my mental health was shattered.
- Some Tesla factory workers realized they were laid off when security scanned their badges and sent them back on shuttles, sources say
- I tutor the children of some of Dubai's richest people. One of them paid me $3,000 to do his homework.
- Why are so many elite coaches moving to Western countries?
- Global GDP to face a 19% decline by 2050 due to climate change, study projects
- 5 things to keep in mind before taking a personal loan
- Markets face heavy fluctuations; settle lower taking downtrend to 4th day
- Move over Bollywood, audio shows are starting to enter the coveted ‘100 Crores Club’