Synopsis by IndiaOneStop.Com
(Please note that the figures given in
this report have been contested by some people in India itself.
So, they may not be accurate. Yet, they are indicative).
has registered a very impressive growth of its middle class -- a class
which was virtually non-existent in 1947 when India became a politically
the start of 1999, the size of the middle class was unofficially estimated
at 300 million people.
middle class comprises three sub-classes: the upper middle, middle
middle and lower middle.
upper middle class comprises an estimated 40 million people. They
have annual incomes of US$600,000 each in terms of Purchasing Power
Parity (PPP). (Please note that the calculation of PPP is complicated,
but suffice it to say that it is based on what a unit of currency
can PURCHASE in one country compared to what the same currency can
purchase in another country. It is also known as the "law of
one price" that governs the price level of general goods and
services between the two countries).
middle middle class comprises an estimated 150 million people, each
with PPP incomes of US$20,000 per year each.
lower middle class comprises an estimated 110 million people. An estimate
of their annual income is not available, but they are mostly the relatively
affluent people in the rural areas of India.
middle classes ON THE WHOLE (i.e. upper middle + middle middle + lower
middle classes) is expected to grow by 5 to 10 percent annually.