Choose the given statement is True/False:

The countries having an income of Rs. 37,000 or less are called developing countries.

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True

False

answer is B.

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Detailed Solution

It is false. The countries are having an average income of Rs. 37,000 or less are known as developing countries. This limit is set by the World Bank to differentiate between rich and poor economies so that necessary aid, including basic amenities like food, clothes, medicines, etc., can be provided to developing nations in case they need it. These facilities are proven to be more effective in circumstances of natural calamities like shortages of floods, earthquakes, floods, etc. We can proudly say that even if India is not present in the list of rich countries, still our nation is serving other nations in their time of need. The export of Covid – 19 vaccines is an example of the same.

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