India's 'Middle Class' To Double By 2047: PRICE Report

India's middle class is set to double by 2047, according to a report by The People Research on India's Consumer Economy. The report, which was released by former CEO of NITI Aayog Amitabh Kant, says the share of middle class in India's total population will grow from 31% in 2021 to over 60% in 2047.

The report says the number of people in middle class or with an annual income of Rs 5 to 30 lakh will more than double from over 400 million in 2021 to over 1 billion in 2047. The number of 'rich' people with an annual income of Rs 30 lakh will grow around right times from 56 million to 437 million.