International investment firm Goldman Sachs estimates that the number of Indians earning more than Rs 8.3 lakh per annum will reach 10 crore by 2027.
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| Annual income increase |
A growing Indian economy
Goldman Sachs has released a study on Indian income, consumption capacity, assets, etc.
India is the 5th largest economy in the world. It is expected to advance to the 3rd position by 2027.
Annual Rs. The number of 8.3 lakh income earning Indians was 2.4 crore in 2015 and now it has increased to 6 crore. It is estimated to rise to 10 crore by 2027.
The main reason for this is that the sector including food, clothing and ornaments is expected to see growth.
People's direct investment in stock market apart from gold and real estate has increased tremendously in the last 5 years. Currently there are more than 12 crore demat accounts in India. At the same time, there is still a large disparity in spending power between the upper class and the middle class, the report said. reported.
That's an interesting prediction by Goldman Sachs,
It represents a significant growth in the affluent population of India. Here are some things to consider:
Positive Points
Increased prosperity, This growth suggests an overall strengthening of the Indian economy and rising income levels. This could lead to increased domestic consumption and demand, boosting various sectors.
Improved living standards, A larger middle class implies greater potential for access to better education, healthcare, and other essential services.
Market opportunities, This expanding segment presents attractive opportunities for businesses catering to higher-income consumers.
Points to Ponder,
Distribution of wealth, While the overall number might increase, it's crucial to assess how evenly the wealth is distributed within the population. Addressing income inequality remains crucial for sustainable development.
Job creation, The growth in this segment likely indicates greater demand for skilled labor. Focusing on skilling the workforce is essential to meet this demand.
Infrastructure development, Increased living standards and economic activity would necessitate further development of infrastructure to support urban growth and resource allocation.
Overall, Goldman Sachs' prediction highlights the potential for significant economic growth in India. However, it's essential to critically analyze the broader implications and challenges associated with such a transition to ensure inclusive and sustainable development.