New Delhi, July 28 -- The World Bank classifies countries based on their position on the economic ladder. The latest results of this annual exercise were released earlier this month. It quietly re-ordered the Asian development map.

Three countries have been upgraded to upper middle-income status: Vietnam, the Philippines and Sri Lanka. China is now on the cusp of becoming a high-income country.

There are four groups into which countries are classified according to their per capita income: low-income, lower middle- income, upper middle-income and high-income.

What about India? It continues to be classified as a lower middle-income country. Its current rate of economic expansion should take it into the next category of upper middle-incom...