India to become upper-middle income
Analysis based on 12 articles · First reported Jan 19, 2026 · Last updated Jan 19, 2026
The report from State Bank of India projects India's significant economic growth, including its transition to an upper-middle-income country and becoming the third-largest economy. This positive outlook is likely to boost investor confidence in India, potentially leading to increased foreign direct investment and a stronger Indian Rupee.
A report by State Bank of India Research projects that India is set to transition to an 'upper-middle income' country by 2030, joining nations like China and Indonesia. This transition is based on India's per capita Gross National Income (GNI) reaching $4,000. The report also forecasts that India will become the third-largest economy globally by 2028, surpassing Germany. India's economic journey has seen it move from a low-income country in 1962 to a lower-middle-income country in 2007, with accelerated growth in recent decades. The country's per capita GNI has grown significantly, and it is expected to reach a $5 trillion economy in approximately two years. The report emphasizes the importance of continuing reform agendas to sustain the required growth rates for India to eventually achieve high-income status by 2047, in line with the Viksit Bharat vision.
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