India to become upper middle-income country by 2030, SBI report says

India is set to become an upper middle-income country by 2030 and also the third largest economy in 2028, according to a report by the **State Bank of India. “India can and will transition to the upper middle-income country, which has the threshold per capita [GNI** ](https://informistmedia.com/)(gross national income) of around $4,500, in the next few years (assuming average growth of GNI per capita of around 8.3%),” SBI said in the report. India’s economy reached the $1-trillion mark 60 years after Independence and the $4-trillion mark in 2025, SBI said. India is likely to become a $5-trillion economy in another 2 years, the report said.