Income Of Upper Middle Class In India
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Hence lower middle class status starts at approx 6 lacs annual income before taxes and savings.
Income of upper middle class in india. 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. The world bank assigns the world s economies into four income groups high upper middle lower middle and low. Buy and maintain a. An annual inhand income of 4 8 lacs.
When the local cost of living is taken into account the income of the seekers and strivers looks more like 23 000 to 118 000 which is middle class by most developed country standards. A family of 4 which can rent a 2 bedroom apartment in a average area of city. The standard of living in india varies from state to state. Seekers range from young college graduates to mid level government officials traders and business people.
Updated country income classifications for the world bank s 2020 fiscal year are available here. Only savings are 80c ie 1 5 lacs for tax exemptions. The indian middle class constitutes 300 350 million of the population.
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