Middle Class

Modi govt's policies, corporate tax cuts failed to revive economy: Cong

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 GDP growth loses momentum: What's behind the urban spending freeze?

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

India's falling wages hit economy as consumers cut back on everything

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

When will PM Modi recognise that urban middle class is shrinking: Congress

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

Five-fold jump in ITR filers with income above Rs 50 lakh in last 10 yrs

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 ...

India's path to becoming high-income nation: Escaping 'middle-income trap'

Five key course corrections for India to become an advanced country and set a better path for others

Rs 25 lakh loan at 5% needed for middle-class homebuyers: Naredco president

Around 30% of Indians are unable to afford home loan EMIs at current rates, says G Hari Babu

Modi govt has backstabbed middle class: Rahul Gandhi

What the middle class isn't

What the Modi govt got wrong: Moving away from its generally upbeat messaging of 'India is on the rise, growth will get steeper, and markets are red hot and will get hotter'

Open to feedback on tax changes but... read FinMin latest remark on Budget

Union Finance Minister Nirmala Sitharaman's recent remark follows feedback from several experts and salaried individuals who feel that the Budget did not provide sufficient relief to the middle class

Budget 2024: What did FM Nirmala Sitharaman say about the middle class

Union Budget 2024-25: Emphasis on employment, skilling, and MSMEs, but no tax relief for the middle class

Union Budget 2024: What does it offer the middle class?

'Luxury shame' hits China's luxury market as elites dial down on austerity

The elite in the Land of the Dragon are refraining from ostentatious purchases, putting the nation's luxury market under strain

Consumer mkt presents long-term structural opportunity: N Chandrasekaran

TCPL chairman says India continues to be a strong growth market

Here's how AI could save the middle class from demographic decline

AI will augment tacit knowledge some workers already possess and enable them to perform roles that were once the domain of paid professionals. It may even help the world cope with the labour scarcity

Small (car) is beautiful

If you look at the sales numbers of various models, they tell an interesting story

Interim Budget: Housing scheme for 'deserving' middle class soon, says FM

FM Nirmala Sitharaman also said that India is close to achieving the target of 30 million houses under the rural housing scheme

Reframing the middle class

In defining and thinking about the middle class, we need to move away from rankings and income to quality

Home health care industry sees demand rising in India's smaller cities

Industry provides at-home care and assists patients needing rehabilitation after hospitalisation

Slow climb up: The time it takes the poor to become middle class in India

Religion, region, caste and education determine social mobility in the country