Indians hungry for more

India’s middle class, which according to a McKinsey report was 50 million in 2005, would jump by 11.6 times or about 583 million by the end of 2025. And, people who earn Rs 10 lakh per annum would grow four-fold from the current 4.4 million households to 18.1 million by 2020.

The reason is higher incomes. McKinsey’s estimates suggest that as a result of rising incomes, 291 million people will move out of poverty and climb to higher income groups. Further, with India’s Gross Domestic Product growing at about seven per cent yearly in the past 10 years, its per capita income has grown by 9.11 per cent annually from $439 per person in 1999 to $1,050 per person in 2009.

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