To this, he responded with an explanation on the criteria used to determine a country’s development status. He explained, “A developing country is technically a country where the Gross National Income per capita is $11,905 or less. Even China, Brazil & Malaysia are regarded as developing countries.”

This comes as Jefferies said that India’s GDP is expected to reach $5 trillion in the next four years surpassing Japan and Germany. India will become the third-largest economy by 2027, it said, adding that India’s stock market will grow to nearly $10 trillion by 2030, making it “impossible” for large global investors to overlook the country.

Jefferies noted, “Over the next 4 years, India’s GDP will likely touch $5 trillion making it the 3rd largest economy by 2027, overtaking Japan and Germany, being the fastest growing large economy with the tailwinds of demographics (consistent labour supply), improving institutional strength and improvement in Governance.”