The media has been highly focused on Affluent India, which refers to individuals with an annual income of USD 10,000 or about Rs 8,40,000. There are claims that AI is experiencing rapid growth, driving consumption, and will contribute to India becoming a USD 5 trillion economy in the near future.
I am pleased for AI, but it’s important to note that according to the Goldman Sachs’ report, by the year 2026, the size of AI will only represent 7 per cent of India’s population. The concerns of Goldman Sachs seem to be centered around AI, which is a middle-income country in its own right and the 15th largest in the world. Affluent Indians tend to be the focus of attention when it comes to their income, wealth, and spending habits, often creating an illusion that they represent the entire Indian population. However, the reality is that the majority of Indians earn modest incomes and struggle to make ends meet.
Upper Half, Bottom Half
India is being pulled away from the idea of a social and economic democracy. The Opposition parties and the media may not be vigilant but the poor and middle classes — the 93 per cent — are watching and waiting.