Overview

India’s middle class – 40 million income-tax filers earning between `5,00,000 and `1,00,00,000 annually – has reached a critical inflection point. The consumption-driven growth model that powered India’s post-1991 economic rise is collapsing under the weight of three simultaneous shocks: technological disruption eliminating white-collar employment faster than new jobs emerge, wage stagnation eroding purchasing power as inflation for several essential products and services ramps at double digits, and explosive household debt levels now exceeding those of the US and China.

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Author Information

Saurabh Mukherjea is the founder of Marcellus Investment Managers. He has written six bestselling books. Nandita Rajhansa is an economist and a small and midcap analyst at Marcellus Investment Managers, where she has been working for more than five years. She has co-authored a national bestseller, Behold the Leviathan (2024). Sapana Bhavsar is a human resources leader and has been contributing to this field for last two decades. She is a gold medallist from Mumbai University, where she earned her Master’s in Labour Studies in 2006.

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