Middle Class in Indian Economy: The number of middle class ie middle class families in the country’s economy is increasing rapidly. People Research on India’s Consumer Economy (PRICE) has conducted a survey in which a big disclosure has been made about the share of which class in the total structure of the country. It has been revealed from this survey that by the year 2047, the share of middle class in the total population of India will be 63 percent. That is, in the next 25 years, 1 out of every 3 people in the country will be from the middle class category.
Middle class share more than doubled since 2004
In the year 2004-05, where the share of the middle class in the total population of the country was 14 percent, it has more than doubled by the year 2021-22. By this time the share of the middle class in the total population has increased to 31 percent. According to a news published in Times of India, the result of this survey has been told in which the share of middle class is increasing rapidly.
Classified by income
The survey has been divided into rich income class, middle income class, lower income class and deprived category. Under this, families with an annual income of less than Rs 1.25 lakh have been kept in the category of deprived and families with an annual income of Rs 1.25 lakh to Rs 5 lakh are considered in the low income category. Families with an income of more than Rs 5 lakh and up to Rs 30 lakh are placed in the middle class category and families with an annual income of more than Rs 30 lakh are placed in the rich category.
Maharashtra is the richest state in the country
Maharashtra is the richest country in the country and 6.4 lakh families come under the category of super rich, whose annual income is more than Rs 2 crore. At the same time, the country’s capital Delhi is in second place, where a total of 1.81 lakh households are in the category of super rich. Gujarat ranks third where 1.41 lakh families are in the category of super rich.
Big data revealed in the survey
In the country, 3 percent of the family and 4 percent of the population are wealthy, which contributes to 23 percent of the total income in the country. People of this category contribute 43 percent of the total savings of the country.
The middle class contributes 50 percent of the country’s income and 48 percent of the expenditure. At the same time, the surprising thing is that there is a 56 percent share in savings.
The largest part of the country’s population comes from the lower classes and they constitute 54 percent of the total population. However, these sections contribute 25 per cent of the total income and 32 per cent of the expenditure. Whereas the savings account for only 1 percent of the total from this category.
The marginalized sections constitute 13 per cent of the total population of the country and generate 2 per cent of the country’s income while contributing to 3 per cent of the expenditure. Savings do not happen in this category and it is zero.
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