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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]
[16] [17] In 2017 its population growth rate was 0.98%, ranking 112th in the world; in contrast, from 1972 to 1983, India's population grew by an annual rate of 2.3%. [ 18 ] In 2023, the median age of an Indian was 29.5 years, [ 19 ] compared to 39.8 for China and 49.5 for Japan; and, by 2030; India's dependency ratio will be just over 0.4. [ 20 ]
India, in 2019 has about 2.7% [1] population under poverty level and is no longer holding the largest population under poverty level, considering Nigeria and Congo. [2] On the other hand, the Planning Commission of India uses its own criteria and has estimated that 27.5% of the population was living below the poverty line in 2004–2005, down ...
The middle class consists of those in the 40th to 60th percentile of household income. Their median net worth is nearly three times that of the lower middle class. Upper middle class.
Per capital income is around $2,700 for India's population of 1.4 billion, with about one-third considered middle class. ... The tax cut is "likely to spur consumer demand and savings by the ...
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As per 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. [105] India's gross domestic savings rate stood at 29.3% of GDP in 2022. [106]
A comparatively destitute country in 1951, [63] India has become a fast-growing major economy and a hub for information technology services; it has an expanding middle class. [64] Indian movies and music increasingly influence global culture. [ 65 ]