Middle Class

Asserting that the Centre's policies have "failed" to revive the economy, the Congress on Thursday said the government's strategy of cutting corporate taxes, giving "generous corporate handouts" and raising the tax burden on the salaried middle class has only helped enrich large monopolies without any discernible increase in investment or hiring. Congress general secretary in-charge communications Jairam Ramesh said what is needed for stimulating demand is tax cuts for the salaried middle classes and income support to the poor. His remarks came over a media report which claimed that the sharp slump in economic growth rate to 5.4 per cent in July-September this year has sparked concerns among policy makers that low single-digit income growth in the corporate sector despite four times growth in profits over the last four years, is one of the reasons behind the slowing of demand. In a post on X, Ramesh said, "Private sector profit is at a 15-year-high and has grown four times over the

India's swelling urban middle class has been the engine of its growth for far longer than government capex has

Some of country's biggest companies from Maruti Suzuki to consumer bellwether Hindustan Unilever have posted weaker earnings recently, saying urban middle class spending has been languishing

The Congress on Wednesday flagged major economic challenges that have affected consumption patterns and pointed to a "shrinking" urban middle class, asking when will Prime Minister Narendra Modi recognise this reality. Congress general secretary in-charge communications Jairam Ramesh said that in the last few weeks, multiple leading lights from India Inc have flagged the tremendous slowdown in household private consumption, even in the previously red-hot FMCG sector. "Now, a new report by the well-regarded Marcellus Investment Managers reveals three major economic challenges that have affected consumption patterns," he said. Flagging the issue of deteriorating household balance sheets, Ramesh said according to the RBI's own data, net household savings as a percentage of GDP are at their lowest level in nearly 50 years. Mounting unsecured loans have pushed net savings into the red, leaving families with less disposable income, he said. He also pointed to a cyclical economic downtur

Tax burden on individuals earning less than Rs 20 lakh a year, broadly described as middle class, has come down during the 10 years of Prime Minister Narendra Modi-led government, while there has been a substantial increase in taxes paid by those having annual income above Rs 50 lakh, sources said on Wednesday. As per the income tax return (ITR) filing data, the number of individuals showing annual income of over Rs 50 lakh has gone up to over 9.39 lakh in 2023-24, a five-fold jump from 1.85 lakh in 2013-14. Also, the income tax liability of those earning above Rs 50 lakh has gone up 3.2 times, from Rs 2.52 lakh crore in 2014, to Rs 9.62 lakh crore in 2024. A source said that 76 per cent of income tax collected is from those earning above Rs 50 lakh a year. This has led to reduced tax burden on the middle class. Also, the increase in number of people filing ITRs with annual income above Rs 50 lakh is due to "strong anti tax evasion and black money laws implemented by the Modi ...

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