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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]
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 ...
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]
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 ...
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 ...
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] India has reduced its poverty rate, though at the cost of increasing economic inequality. [66]
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The report "Income and Wealth Inequality in India, 1922-2023: The Rise of the Billionaire Raj" by Thomas Piketty and colleagues highlights several important aspects of inequality in India. By 2022-23, the top 1% of the population controlled 22.6% of the national income and 40.1% of the nation's wealth, marking historically unprecedented levels.