India won’t be called a ‘developing nation’ now. Here is the new nomenclature and it might irk you

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.

(Image: Reuters)