Per Capita Income Of Middle Class In India

The classifications are updated each year on july 1 and are based on gni per capita in current usd using the atlas method exchange rates of the previous year i e.

Per capita income of middle class in india. India s per capita income was 1 03 000 representing a rise of 9 3 over the previous year. India s nominal per capita income was us 1 670 per year in 2016 ranked at 112th out of 164 countries by the world bank while its per capita income on purchasing power parity ppp basis was us 5 350 and ranked 106th. India became a lower middle income nation from low income in the fiscal year 2009. Statistical capacity score overall average details.

Gni per capita atlas method current us details. India from the world bank. Hence lower middle class status starts at approx 6 lacs annual income before taxes and savings. The world bank classifies economies based on gross national income per capita in us dollars calculated using.

A family of 4 which can rent a 2 bedroom apartment in a average area of city. As the gallup research of 2013 shows india ranks quite low on the median per capita income at 616. The standard of living in india varies from state to state. There is significant income inequality within india as it is simultaneously home to the some of the world s.

It means that 50 percent of the population lies above 616. 2019 in this case. Only savings are 80c ie 1 5 lacs for tax exemptions. The indian middle class constitutes 300 350 million of the population.

Buy and maintain a. What does this median income mean. Graph map and compare more than 1 000 time series indicators from the world development indicators. In 2019 the poverty line reduced further to about 2 7 and india no longer holds the position of the nation with the largest population under poverty.

The world bank assigns the world s economies to four income groups low lower middle upper middle and high income countries.