Thus, despite growth moderation, India’s contribution to world growth rose from about 10 per cent to almost 16 per cent over the same period (Table 1).
The initial phase of high growth enabled India to raise its per-capita gross national income (GNI) to cross the threshold of $ 1025 for the first time in 2008 and be classified by the World Bank as a lower-middle income country. Subsequently, the per capita income rose at a slower pace to US $ 1,410 by 2011 during the post-crisis period.