“Indian middle class will nearly double to 61% by 2046-47: PRICE Report”, Business Standard, July 5, 2023:
“The size of India’s middle class will nearly double to 61 per cent of its total population by 2047, from 31 per cent in 2020-21, as continuing political stability and economic reforms with a sustained annual growth rate of between 6 per cent and 7 per cent over the next two and half decades will make the country one of the largest markets in the world.
The findings are part of a report released on Wednesday by the People Research on India’s Consumer Economy (PRICE) and India’s Citizen Environment, a not-for-profit think tank. The report titled, The Rise of India’s Middle Class, is based on an analysis of primary data collected by PRICE through its pan-Indian survey. The latest report is based on responses from 40,000 households in 25 Indian states.
The strength of the middle class is expected to rise from 432 million people in 2020-21 to 715 million (47 per cent) in 2030-31 to 1.02 billion of India’s projected population of 1.66 billion in 2047…..”
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