The Rise and Rise of Middle Class in India!

500 million people in India will move into the middle and high-income bracket by 2030

Please note that in the above data, current definition is: Annual Income of $8,500–40,000 is upper middle class; $4,000–8,500 is low middle class; <$4,000 is low income; & >& 40,000 is high income.

The Indian economy is projected to grow at a base rate of 7.5% annually to 2030 according to an analysis from Bain & Company, with 500 million people moving into the middle- and high-income bracket over the period.

The Upper Middle Class is projected to grow from 21% population in 2018 to 44% by 2030. And the richest are also estimated to grow from 3% to 7% in this time frame.

In order for India to become $5-trillion economy, the middle class and upper middle class will be playing a crucial role.

What's your view on this? How much will be the growth of the middle class in India by 2030? And how important is the middle class in an economy?

Do share your two cents below!

********

Want to stay updated with the latest financial updates and news? Follow Trade Brains & FinGrad!