Middle Class in IndiaAsian Development Bank 2010 Report
1. Vast majority of this middle class earns between Rs 1,000 and Rs 2,000 per person per month.
2. Only 0.0009% of Indians earn more than Rs 10,000 per month.
3. India will have a billion strong Middle Class by 2030.
4. The ADB report defines the middle class as those earning between $2 and $20 per person per day, measured in international dollars, ie adjusted for purchasing power parity. The ADB splitted the middle class into three sub-sections: lower middle class ($2 – $4), middle middle ($4 – $10) and upper middle ($10 – $20).
5. The vast majority of the Indian middle class 82% of it, or 224 million people – however, fit into the first category.
6. Since $1 PPP is Rs 17.256, this means that the vast majority of the Indian middle class earns between Rs 1035 and Rs 2070.
7. The ADB report shows that middle-class Indians systematically define themselves as poorer than they actually are in surveys.
Report: http://www.adb.org/Documents/Books/Key_Indicators/2010/pdf/KI2010-Special-Chapter.pdf
http://www.adb.org/Documents/Books/Key_Indicators/2010/pdf/IND.pdf
Source: http://timesofindia.indiatimes.com/india/Most-of-Indian-middle-class-earns-between-Rs-1000-2000/articleshow/6390170.cms