And the share of lower middle class and poor Americans also declined. The middle class, meanwhile, shrunk - to 32%, from 38.8%. It defines this group as having household income of between $100,000 and $350,000 for a three-person family. The upper middle class grew to 29.4% of the population in 2014, up from 12.9% in 1979, according to a new Urban Institute report. The middle class may be feeling squeezed, but the upper middle class is enjoying good times. The rich also expanded their ranks, to 1.8%, up from 0.1%.
NEW YORK (CNN) - The middle class may be feeling squeezed, but the upper middle class is enjoying good times. Please look at the time stamp on the story to see when it was last updated. As India continues to develop, bridging this gap will be crucial for the country's economic growth and development.This is an archived article and the information in the article may be outdated. While the middle-income group is growing and becoming more prosperous, there is still a significant gap between the middle-income group and the middle class. In India, the middle-income group is defined as households with an annual income between INR 7.5 lakh and INR 15 lakh, while the middle class is defined as households with an annual income between INR 6 lakh and INR 18 lakh. In conclusion, the terms middle income and middle class are often used interchangeably, but they actually refer to two different things. According to a report by the Reserve Bank of India (RBI), only about 30% of the middle-income group is part of the middle class. In India, the middle-income group is growing and becoming more prosperous, but there is still a significant gap between the middle-income group and the middle class. They are usually able to afford a range of amenities such as healthcare, education, and housing. The middle class is often associated with a certain level of education, lifestyle, and consumption patterns. The main difference between the two is that middle income refers to a person's or household's level of income, while middle class refers to their social and economic status.
Similarly, a person or household can be part of the middle class without necessarily being in the middle-income group. A person or household can be in the middle-income group without necessarily being part of the middle class. While the terms middle income and middle class are often used interchangeably, they are not the same thing. The report also revealed that the middle class has grown rapidly in India in recent years, with the number of middle-class households increasing from 49 million in 2001 to 140 million in 2017.ĭifference between Middle Income and Middle Class: In India, the middle class is defined as households with an annual income between INR 6 lakh and INR 18 lakh.Īccording to a report by the Pew Research Center, the middle class in India accounted for 52% of the population in 2019. They are typically employed in white-collar jobs and have access to a range of amenities and opportunities. The middle class refers to a group of people who have a certain level of education, income, and lifestyle. This indicates that the middle-income group is growing and becoming more prosperous.
The report also revealed that the per capita income of the middle-income group increased by 9.2% in the same period, from INR 1,77,111 in 2019-20 to INR 1,93,504 in 2020-21. In India, the middle-income group is defined as households with an annual income between INR 7.5 lakh and INR 15 lakh.Īccording to a recent report by the National Statistical Office (NSO), the per capita income in India in 2020-21 was INR 1,27,768. According to the World Bank, a person with an income of between $1,036 and $12,615 per year is considered to be in the middle-income group. It is usually measured in terms of per capita income or household income. The middle-income group is a section of society whose income falls between the lower and upper income groups. In India, these two terms have different meanings and are significant in determining the economic growth of the country. Middle income refers to a person's or household's level of income, while middle class refers to their social and economic status. In recent years, the terms "middle income" and "middle class" have often been used interchangeably, but they actually refer to two different things.
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