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However, for comparison between countries, total income is not such an useful measure. Since, countries have different populations, comparing total income will not tell us what an average person is likely to earn. Hence, we compare the average income which is the total income of the country divided by its total population. The average income is also called Per Capita Income.
In World Development Reports, brought out by the World Bank, this criterion is used in classifying countries. Countries with Per Capita Income of US $ 12,056 per annum and above in 2017, are called rich countries and those with her capita income of US $ 955 or less are called low-income-countries.
India comes in the category of low middle income countries because its Per Capita Income in 2017 was just US $ 1820 per annum. The rich countries. excluding countries of Middle East and certain other small countries, are generally called developed countries.
(i) What aspects of a country are not included in calculating total income?
(ii) Discuss the importance of classifying countries by the World Bank.
(iii) Do you agree on World Development Report to categorise India as a low middle income country?

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