With one of the fastest growing economies in the world, clocked at a growth rate of 8.3% in 2010, India is fast on its way to becoming a large and globally important consumer economy. The Indian middle class is estimated to be 250 million people, by McKinsey & Company.[1] It will reach 600 million by 2030. According to Deutsche Research the estimates are nearly 300 million people for all Middle Class.[2] If current trends continue, Indian per capita purchasing power parity will significantly increase from 4.7 to 6.1 percent of the world share by 2015.[3] In 2006, 22 percent of Indians lived under the poverty line. India aims to eradicate poverty by 2020.[4]
According to NCAER, India's middle class population to touch 267 million in 5 yrs. Further ahead, by 2025-26 the number of middle class households in India is likely to more than double from the 2015-16 levels to 113.8 million households or 547 million individuals. .[5]
The standard of living in India shows large disparity. For example, rural areas of India exist with very basic (or even non-existent) medical facilities, while cities boast of world class medical establishments. Similarly, the very latest machinery may be used in some construction projects, but many construction workers work without mechanisation in most projects.[6]
In 2010, the per capita PPP-adjusted GDP for India was US$3,608.