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Over 1 bn Indians to make up the middle-class when India will turn 100, finds PRICE survey

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As India will turn 100 three years on, the number of Indians in the middle-class category is set to exceed 1 billion, a survey has found. According to People Research on India's Consumer Economy (PRICE), an independent, not-for-profit think-tank, the middle-class will make up 1.02 billion of India's projected population of 1.66 billion by 2047. That's the year that marks 100 years of India's independence and its target to emerge as a developed nation. The strength of the middle-class category stood at 432 million in 2020-21, PRICE said. "By the end of this decade, the structure of the country's demographics will change from an inverted pyramid, signifying a small rich class and a very large low-income class, to a rudimentary diamond, where a significant part of the low-income class moves up to become part of Middle Class," it added in the report, The Rise of India's Middle Class: A Force to Recon With, released on July 5.

The report is based on analysis of primary data collected by PRICE through its ICE 360° pan-India survey. The latest survey is based on 40,000 households from 25 Indian states.


PRICE assumes an annual population growth rate 0.79 percent for India from 2021 to 2031 and 0.51 percent for 2031 to 2047, down from 1.26 percent between 2016 and 2021, to arrive at its estimates. The other key parameters are: 1. Annual household growth (1.47 percent from 2021 to 2031 and 1.04 percent from 2031 to 2047, down from 1.87 percent between 2016 and 2021); 2. Real annual household disposable income growth (6.76 percent from 2021 to 2031 and 6.20 percent from 2031 to 2047, up from 3.47 percent between 2016 and 2021); and 3. Urbanisation rate (39.9 percent from 2021 to 2031 and 50.0 percent from 2031 to 2047, up from 35.2 percent between 2016 and 2021).

Read More at https://www.moneycontrol.com/news/business/economy/over-1-bn-indians-to-make-up-middle-class-when-india-will-turn-100-finds-price-survey-10907971.html

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