India's middle class to surpass 1 billion by 2047

India is on track to witness a remarkable surge in its middle-class population, with projections indicating that it will surpass 1 billion individuals by 2047, coinciding with the nation’s centenary and its aspirations to become a developed country

- 

The findings are the result of a survey conducted by People Research on India’s Consumer Economy (PRICE), an independent think-tank. The study suggests that the middle-class segment will account for 1.02 billion people out of a projected population of 1.66 billion by 2047, representing a significant shift in India’s demographics from an inverted pyramid to a rudimentary diamond shape.

The report indicates that the middle class in India numbered 432 million in the year 2020-21. PRICE emphasizes that by the end of this decade, the country’s demographic structure will transform, as a substantial portion of the low-income class moves up to join the middle class. The report, titled “The Rise of India’s Middle Class: A Force to Reckon With,” is based on a comprehensive analysis of primary data collected through PRICE’s ICE 360° pan-India survey, which encompassed 40,000 households from 25 states across the country.