Choose whether the statement is true/false.

According to the World Bank report, India is a developing country.

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True

False

answer is A.

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Detailed Solution

The above statement is true.
According to the World Bank report, India is a developing country. The World Bank classes a country under the most suitable heading based on the per capita income of the country. A country having a higher per capita income is considered a rich country, whereas a country having a lower per capita income is considered a poor country. India is in the category of a low-middle-income country because its per capita income in 2019 was just over US $6,700 per annum. The rich countries, except the countries of the Middle East and certain other small countries, are generally called developed countries.

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