India’s economic story is often discussed in extremes. Either it is about the travails of those living at the bottom of the pyramid, or they are celebratory headlines about the growing tribe of billionaires at the top.
This focus is shifting to the middle. Income-tax data from the last decade mirrors this consequential pivot.
The cohort of salaried individuals falling in the two income tax slabs of Rs10-15 lakh and Rs15-20 lakh have grown by a staggering 600% in the nine years ended 2023-24.
To unpack what this exploding middle means for wealth creation in India, its consumer economy and the country’s growth trajectory, StratNewsGlobal.Tech spoke to Srinivas Jain, Executive Director and Head of Strategy at SBI Funds on Capital Calculus.
