For years, India’s middle class has been seen as a story of steady progress.
- Increased income and job opportunities.
- Greater access to financing, home ownership, and investing.
There is substantial evidence supporting this conclusion.
For instance, between the Fiscal Years Ending March 31, 2019 and March 31, 2024, Net National Income (NNI) per capita increased from INR ₹1,25,946 in FY 2019 to INR ₹2,05,324 an increase of nearly 63%. With this growth reported above, progress has been made.
But ask a middle-class household today “Do you feel financially secure?” and the answer is often not confident, yes.
