Middle Class

The latest issue of The Strategist Quarterly made excellent reading. This refers to the article titled The Great Indian Myth which has highlighted the disappointment of MNCs in regard to the size of the market. Ramesh Chauhan has questioned the figure 300 million middle class.

The reference to growing middle class was made by S S Marathe, former commerce secretary in the 80s. The 80s saw a boom in stock exchange market through the active participation of the middle class. The growth of the middle class has been due to the growth in bureaucracy (central and state), higher education, banking, insurance, public sector, Green Revolution etc.

 

NRI remittances also saw the growth of this class. This growth has declined in most sectors. The size of the organised labour is declining and the number of new entrants into this group is not remarkable. The new growth strategy is pushing some to the upper middle class and others into the lower middle class.