Income of Middle-Class Indians Jumps 3 Times In 10 Years; 13.6% Leave Lower-Income Strata: SBI Report - News18
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Middle-class Indians' income jumps 3 times in three years. Middle-Class Indians: India's per-capita income is expected to increase from Rs 2 lakh in FY23 to Rs 14.9 lakh in FY47, says SBI Research report Showing a significant increase in middle-class income, India’s weighted mean income has jumped about three times from Rs 4.4 lakh to Rs 13 lakh between FY2012-13 and FY2021-22, according to an SBI Research report. It is helped by the transition from the lower-income group to the upper-income group as also buoyancy in the number of tax filers who were earlier not reporting income. According to the SBI Research report, “13.6 per cent population has left the lower income strata and migrated upwards in AY23 in comparison with AY12" India’s per-capita income is expected to increase from Rs 2 lakh in FY23 to Rs 14.9 lakh in FY47. In dollar terms, it is expected to increase from $2500 in FY23 to $12400 in FY47, it said in the report recently. In the assessment year (A...