Why India is called a developing nation when it is already developed?

Answer 1

there are three types of economies in the world.the first one is called the developed economy or country.it usually has high levels of industrialisation and other factors referring to HDI.the second one is called the developing economies.these are the countries in which economic reforms and industrialisation began at a later stage and now these economies are flourishing.countries such as BRICK come under these category.the last one is called least developed economies which refer to countries which have a failed economic policy and hence are least developed compared to rest of the world.many african and south asian countries come in this category.hence to sum up,India is called developing country because it has not yet reached a saturation state in its economic growth rate when compared to USA which grows at 2% a year.