Indian Market: India will become the biggest market by 2047 | Jagran Business

The size of the middle class in India could double in the next two and a half decades. According to a report, if the country's economic growth rate remains between 6 and 7 percent during the next two and a half decades, then the size of the middle class in the country will increase from 31 percent in 2020-21 to 61 percent in 2046-47. 

This was stated in a report released on Wednesday by 'Price', a non-profit organization related to India's consumer economy and civic condition.The report titled 'The Rise of India's Middle Class' is based on the data collected by Price. Price has gathered these figures by conducting surveys across the country through ICE's 360. The latest reports are based on responses from 40,000 households across 25 states in the country.

The report also states that the size of wealthy households in India will increase five-fold in the current decade to 2030 and rural areas of the country will play a major role in economic growth. According to the report, the number of households earning more than Rs 2 crore annually has doubled between 2016 and 2021.