Thursday, December 1, 2011

Indian Middle Class Growth

http://articles.economictimes.indiatimes.com/2011-02-06/news/28424975_1_middle-class-households-applied-economic-research

As my last post about the income inequality widening in the US is growing, this article reveals the growing middle class in India. The 267 million members of the middle class will be the new norm in five years, as 53.3 million middle class households exist in the country. “Factors such as the country's GDP growth, which is projected to be around nine per cent, going ahead and high growth rate of urbanization will result in the increase of middle class in the country,” says Rajesh Shukla. This means this base of people has strong purchasing power for durable goods as 50% of the disposable income is saved. This new market for the world may mean higher GDP for countries who exploit this growing population.

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