ID :
135683
Sun, 08/01/2010 - 21:33
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https://oananews.org//node/135683
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Rich Indian households outnumber low income families: NCAER
New Delhi, Aug 1 (PTI) The growing economy has spun a
wheel of fortune for Indians, with high income households
outnumbering those in the low category for the first time at
the end of 2009-10, according to estimates made by think-tank
NCAER.
India has 46.7 million high income households as compared
to 41 million in the low income category, the National Council
of Applied Economic Research (NCAER) estimates on Earnings and
Spendings have revealed.
"For the first time, the number of high income households
is set to exceed the number of poor households in 2009-10,"
the NCAER said, adding that the middle income class continued
to grow.
Households earning less than Rs 40,000 per annum (at
2001-02 prices) are dubbed as low income, whereas those with
earnings over Rs 1.80 lakh fall in the high income category.
Those earning between Rs 45,000-Rs 1.80 lakh per annum
are considered middle income households, whose number surged
to 140.7 million out of the total of 228.4 Indian million
families at the end of 2009-10.
Thus, the NCAER survey confirms that 62 per cent of
Indian households belong to the middle class, which is the
target of most consumer goods firms.
"The wheel of fortune continues to spin in India, with
each level of household income set to move a notch higher by
the end of the decade," the survey on spending and earning
patterns since 1985-86 said.
The Indian economy grew at above 9 per cent between
2005-06 and 2007-08. After slowing down in 2008-09 and
2009-10, it is projected to expand at 8.5 per cent in the
current fiscal.
The data shows how the country has come a long way in the
last 10 years in raising the income standards. In 2001-02, out
of the total of 188.2 million households, the number of high
income families was only 13.8 million, whereas those in the
low income category stood at 65.2 million.
Referring to the middle class, the study said, "Their
growing clout becomes even more apparent when one looks at the
ownership patterns of households goods. Nearly 49 per cent of
all cars are owned by the middle class, compared to just 7 per
cent by the rich."
Similarly, 53 per cent of all air conditioners are owned
by middle class homes and nearly 46 per cent of all credit
cards are to be found in these households. PTI
wheel of fortune for Indians, with high income households
outnumbering those in the low category for the first time at
the end of 2009-10, according to estimates made by think-tank
NCAER.
India has 46.7 million high income households as compared
to 41 million in the low income category, the National Council
of Applied Economic Research (NCAER) estimates on Earnings and
Spendings have revealed.
"For the first time, the number of high income households
is set to exceed the number of poor households in 2009-10,"
the NCAER said, adding that the middle income class continued
to grow.
Households earning less than Rs 40,000 per annum (at
2001-02 prices) are dubbed as low income, whereas those with
earnings over Rs 1.80 lakh fall in the high income category.
Those earning between Rs 45,000-Rs 1.80 lakh per annum
are considered middle income households, whose number surged
to 140.7 million out of the total of 228.4 Indian million
families at the end of 2009-10.
Thus, the NCAER survey confirms that 62 per cent of
Indian households belong to the middle class, which is the
target of most consumer goods firms.
"The wheel of fortune continues to spin in India, with
each level of household income set to move a notch higher by
the end of the decade," the survey on spending and earning
patterns since 1985-86 said.
The Indian economy grew at above 9 per cent between
2005-06 and 2007-08. After slowing down in 2008-09 and
2009-10, it is projected to expand at 8.5 per cent in the
current fiscal.
The data shows how the country has come a long way in the
last 10 years in raising the income standards. In 2001-02, out
of the total of 188.2 million households, the number of high
income families was only 13.8 million, whereas those in the
low income category stood at 65.2 million.
Referring to the middle class, the study said, "Their
growing clout becomes even more apparent when one looks at the
ownership patterns of households goods. Nearly 49 per cent of
all cars are owned by the middle class, compared to just 7 per
cent by the rich."
Similarly, 53 per cent of all air conditioners are owned
by middle class homes and nearly 46 per cent of all credit
cards are to be found in these households. PTI
