An article published by the FT (link to original article) which dives deep into how the Indian middle class is fragmented and how organisations from the US and Europe need to reassess their definition. It was never a homogenous group and it is far from becoming one.
Highlights for me are as below:
Economists Sandhya Krishnan and Neeraj Hatekar last year defined the “new Indian middle class” as those spending between $2 and $10 a day, some 600m people. Their French counterparts Lucas Chancel and Thomas Piketty calculated that to qualify among the top 10 per cent of earners in 2015, a person would have had to make around $3,000 a year — roughly the salary for a highly sought after job as a domestic worker in an affluent city.
Jayant Sinha’s comments
Global middle class – 50 million (People who can everywhere in the country, they can fly internationally, they own a car, they have a stable job)
Indian middle class – 200 to 250 million (who have a stable job but not a well-paying one. They have many of the things you would expect a middle-class person to have: a refrigerator, a motorcycle, a smartphone, etc.)
Aspiring middle class – 500 million (people who just have a motorcycle)