Definition Of Middle Class Income In India
The economists have used an income threshold that defines middle class people as those living on between 2 1 52 to 10 per person per day valued at 1993 purchasing power parity ppp dollars.
Definition of middle class income in india. In the united states it is often used as a synonym for ordinary folk in the united kingdom it references an elite with economic and social privileges. They manage to save some money for retirement. According to the pew research definition if the middle class has an upper range of 1 232 and one converts it to a daily income threshold then this works out to an upper threshold of 3 5 a day. Only savings are 80c ie 1 5 lacs for tax exemptions.
An annual inhand income of 4 8 lacs. Buy and maintain a. A family of 4 which can rent a 2 bedroom apartment in a average area of city. In india the middle class acquired its own valence through a history that encompasses colonialism nationalism and desire for upward social mobility.
Hence lower middle class status starts at approx 6 lacs annual income before taxes and savings.