India set to transition to upper middle-income country by 2030: SBI Research
- IBEF
- January 20, 2026
According to a report by State Bank of India (SBI) Research, India is expected to transition into an upper-middle-income country by 2030, marking a significant milestone in its economic development journey. The report estimates that India’s per capita income is likely to reach Rs. 3.32 lakh (US$ 4,000) by 2030, placing the country within the World Bank’s upper middle-income classification. SBI Research highlighted that India’s income growth trajectory reflects steady progress over the past two decades, supported by strong macroeconomic fundamentals, favourable demographics, and policy-led reforms. The analysis also noted that India’s economic scale has expanded rapidly in recent years, with the country achieving major GDP milestones at a much faster pace compared to earlier decades.
The report further noted that India’s per capita income has shown steady improvement, rising from around Rs. 83,000 (US$ 1,000) in the late 2000s to Rs. 1.66 lakh (US$ 2,000) by 2019 and is projected to reach Rs. 2.49 lakh (US$ 3,000) by 2026 before crossing the Rs. 3.32 lakh (US$ 4,000) threshold by 2030. SBI Research attributed this progress to sustained nominal GDP growth, improvements in productivity, and the gradual structural transformation of the economy. The findings highlight India’s long-term growth potential and indicate rising living standards and average income levels. The transition to an upper-middle-income economy would mark a key milestone in India’s development trajectory, reflecting enhanced economic resilience and the cumulative impact of growth-oriented policy reforms over time.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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