India has to focus on the middle-class as they need to be the key drivers of growth, Amitabh Kant, India's G-20 sherpa and former CEO of Niti Aayog, said at the launch of the household survey by private survey agency People Research on India's Consumer Economy (PRICE).
"Middle-class aspirations for upward mobility resonate with broader goals of a developing nation like India," said Kant.
PRICE's survey ICE 360 conducted in 2020-21 claims that India's middle class - earning ₹5-30 lakh per annum - is expected to increase 2.5 times to 1.015 billion by 2046-47 and would account for 61% of the total population. The proportion of the middle- class is expected to rise to 47% in 2030-31 from 31% in 2020-21.
"Growth in income will transform India to a $7.1 trillion economy by 2030-31, with the consumption growing to $5.2 trillion from $1.9 trillion today," said Rajesh Shukla, MD and CEO of PRICE, making an assumption of 6.5-6.8% growth for the next seven years.
India will define the global workforce in the coming years and the government needs to reform the education system to benefit from global demographic change, was the key message from Arvind Panagariya, noted economist and former vice chairman of Niti Aayog.
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Source Name : Economic Times