One out of every three Indians 'middle class'; to double by 2047: Report

The report released by PRICE added that the share of middle class in the total population rose from 14 per cent in 2004-05 to 31 per cent in 2021-22

One in every three Indians is "middle class" in India with income between Rs 5 lakh and Rs 30 lakh per annum. This number of expected to double by 2047, placing two out of every three Indians in the category, a new survey quoted by the Times of India (TOI) showed. 

"By 2047, if political and economic reforms have their desired effect, the Indian income pyramid will have a smallish layer at the bottom, a huge bulge of the middle class and a big creamy ‘rich’ layer on top," says Rajesh Shukla, MD and CEO of People Research on India’s