India’s middle class now totals over 600 million.
The numbers here are staggering on both side: the fact that there are 600 million “middle class people in India” and that middle class in India consists of someone spending $2 to $10 per day.
Any way you look at it, this is a major market that is changing the world and a big impact on our thematics.
The new middle class—persons spending anywhere between $2 and $10 per capita per day—has doubled in size to 600 million people between 2004 and 2012, a study by two Mumbai university economists has found. That’s nearly half of India’s 1.2-billion population.This segment is typically split into two: the lower middle class and the upper middle class. The first spends between $4 and $6 per capita per day and the second between $6 and $10.
Source: 600 million people are now part of India’s middle class—including your local carpenter — Quartz
