A Rapidly Expanding Middle Class Is Reshaping India’s Socio-Economic Fabric
NEW DELHI: A soon to be published study conducted People Research on India’s Consumer Economy (PRICE), a consumer research firm, made several startling revelations and busted long held beliefs about India’s middle class. For one it estimates the size of the Indian middle class on the higher side at 432 million. Second, it projects this cohort to grow by a staggering 65.5% to 715 million in this decade ended 2030-31. Third, its survey reveals that the digital divide is overcoming the economic barriers. More than a third of the poorest of the poor now access the Internet. Finally, its analysis concludes that the middle class, even today, account for 48% of total consumer spending and 56% of savings in the country. Clearly, this cohort is finding legs. Actually this is consistent with the recent revelation by UNDP about India lifting 415 million out of poverty in the last 16 years and Morgan Stanley projecting India’s national income to more than double in this decade. To understand the emerging middle class phenomenon we spoke to Rajesh Shukla, Managing Director and CEO, PRICE.