Representational Image | Photo: Mathrubhumi
New Delhi: As part of the growing urbanisation, the middle class are on the rise in the country and has reportedly doubled within the last seven years.
According to a countrywide survey by People Research on India’s Consumer Economy (PRICE), Kerala’s Malappuram is leading in the growth of middle class families in the country.
The survey titled ‘The Rise of Indian Middle Class’ studied data from 2015-’16 to 2020-’21 and was conducted in 63 cities with a population of over one million in 2021.
As per the report, the number of middle class in the country has gone up from 14 per cent in 2014-’15 to 31 per cent in 2021-’22. India accounts for 11 per cent of the total urban residents in the world.
Around 27 per cent of the country’s middle class and 43 per cent of its rich reside in big cities.