What standards must a nation meet to qualify as developed?
What standards must a nation meet to qualify as developed?
The definition of a developed nation is based on no one standard or measurement. Becoming a developed nation is dependent on numerous social and economic aspects. Per capita income is the most significant factor in this. A country is deemed developed, according to the World bank, if its per capita income exceeds 12,000 USD, or 10 lakh indian rupees. india must achieve four criteria in order to be classified as a developed country: GDP, PCI, GNI, and HDI (human development index). All four are measures of gross national income.
By 2047, how will india have reached developed status?
For india to reach the status of a developed nation, industrialization must accelerate. It is thought that a nation's level of development increases with its level of industrialization. The nation is becoming more industrialized, which has increased exports and employment. india now has a high import rate and a low export rate. china accounted for almost 34% of world exports in 2020, while India's contribution was only 3.6%, according to the World Trade Organization. Poverty is another factor. The poverty rate in wealthy nations is very low. The World bank defines an individual as extremely poor if his daily income is less than $2.15 (about Rs 180). On the other hand, in india, if a person makes at least Rs. 26 per day in a hamlet and Rs. 32 per day in a city, they are not deemed to be below the poverty line.