On October 21, 2024, the discourse surrounding India’s middle class intensifies as discussions focus on the financial benchmarks defining wealth. Currently, approximately 31% of India’s population belongs to the middle class, a figure expected to rise to 38% by 2031 and 60% by 2047
Despite this growth, many individuals are questioning what it truly means to be considered “rich” in India today.
Source: – bbc news
The recent Budget 2024 introduced by Finance Minister Nirmala Sitharaman highlights initiatives aimed at enhancing the socio-economic conditions for the middle class, focusing on employment, skill development, and housing
Source:- news 18
. Yet, many taxpayers remain dissatisfied with the minor adjustments in income tax slabs and lack of significant relief from rising inflation
Current tax rates reflect an increasing burden, especially for those earning between ₹5 lakh and ₹15 lakh annually, raising concerns about disposable income
Inflation has further complicated the definition of wealth, with essential item prices doubling over the past two years, pushing many families into precarious financial situations
Given that healthcare costs are escalating rapidly, the middle class’s purchasing power is dwindling, sparking calls for tax reforms that align with inflation rates to relieve financial pressure
Ultimately, as India’s economy evolves, the quest for a clear understanding of what constitutes wealth for the middle class continues, emphasizing the need for responsive policy measures to meet changing economic realities. For more detailed analysis, you can check the full coverage of this topic
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