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Fivefold rise in Rs 5 lakh+ earners fuels India's consumption surge
The Business Guardian
|October 07, 2023
The surge in India's consumption is being driven by a significant increase in the number of individuals earning over Rs 5 lakh per annum, according to data analysis by BNP Paribas.
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Over the past decade, the number of Indians in this income bracket has grown fivefold, from 3.8 million in FY12 to 18 million in FY21. The report suggests that this trend likely continued in FY22 and FY23, as the recovery years saw strong wage inflation. These affluent households, though a small proportion of India's population, are expected to play a crucial role in driving growth in various industries.
Bu hikaye The Business Guardian dergisinin October 07, 2023 baskısından alınmıştır.
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