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The tax cut is "likely to spur consumer demand and savings by the middle class that has faced challenges from elevated inflation and lower income growth," Sakshi Gupta, economist at HDFC Bank.
Indian Prime Minister Narendra Modi’s government presented an annual budget to Parliament on Saturday that focused on wooing the salaried middle class with tax cuts and spurring economic growth ...
The income tax concessions to the middle class "seems aimed at addressing the slump in urban consumption", said Nomura's India Economist Aurodeep Nandi. The impact, however, could be limited since ...
The standard of living in India varies from state to state. In 2021, extreme poverty was reduced to 0.8% [1] and India is no longer the nation with the largest population living in poverty. [2] There is significant income inequality within India, as it is simultaneously home to some of the world's richest people. [3]
According to one study the middle class in India stood at between 60 and 80 million by 1990. [45] According to The Economist, 78 million of India's population are considered middle class as of 2017, if defined using the cutoff of those making more than $10 per day, a standard used by the India's National Council of Applied Economic Research. [46]
However, in 2016, the International Monetary Fund, in its regional economic outlook for Asia and the Pacific, said that India's Gini coefficient rose from 0.45 (1990) to 0.51 (2013). [19] According to the 2015 World Wealth Report, India had 198,000 high-net-worth individuals with a combined wealth of $785 billion. [20]
These groups, as well as the World Bank, estimated in their 2011 reports that if India's economy continues to grow per projections, India's middle income group would double by 2015 over 2010 levels, and grow by an additional 500 million people by 2025. This would make it, with China, the world's largest middle income market. [17]
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