Income Of Lower Middle Class In India

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Income of lower middle class in india. An annual inhand income of 4 8 lacs. India continues to be a lower middle income country along with 46 others while sri lanka has climbed to the upper middle income group for the fiscal year 2020 according to the world bank s. They manage to save some money for retirement. Only savings are 80c ie 1 5 lacs for tax exemptions.

The middle class and nationalist politics. The lower income levels of india s middle class have severely impacted cash flow into the informal sector leaving demand in doldrums. A family of 4 which can rent a 2 bedroom apartment in a average area of city. In 2019 the poverty line reduced further to about 2 7 and india no longer holds the position of the nation with the largest population under poverty.

There is significant income inequality within india as it is simultaneously home to the some of the world s. Hence lower middle class status starts at approx 6 lacs annual income before taxes and savings. Calculate india s middle class by setting its lower threshold at. A curious outlier is a 2012 federal government exercise that counted citizens paying income tax 29 million as middle class.

Data for india lower middle income from the world bank. Loss of these urban salaried jobs is therefore likely to have a particularly debilitating impact on the economy besides causing immediate hardship to middle class households cmie said. The indian middle class constitutes 300 350 million of the population.