Yet another article on this thing. The fundamental question "Who suffers for
the middle class shine?" doesnt seem to concern anybody!!!
*Indian middle class continues to shine -------
http://www.rediff.com/money/2007/sep/10middle.htm*
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September 10, 2007 08:54 IST
*Last Updated: *September 10, 2007 08:59 IST
The Indian middle class is prospering with around 70 million households
earning anywhere between Rs 80,000 and Rs 18 lakh per annum. These comprise
34 per cent of the slightly over 200 million middle class households.
However, the income profile shows a classical pyramid-shaped society with
only 600,000 households earning above Rs 18 lakh (Rs 1.8 million) per annum,
according to the Mr and Mrs India survey by brokerage firm CLSA Asia Pacific
Markets.
Market researchers, however, believe the household income is massively
understated -- a baggage of the era of controls and usurious taxes.
Independent studies suggest that 1.6 million households earn over Rs 40 lakh
(Rs 4 million), and 100,000 people own assets worth around Rs 4 crore (Rs 40
million).
Almost 91 per cent of the middle class homes own mobile phones, 72 per cent
own two-wheelers, 70 per cent own homes and 19 per cent own four-wheelers,
notes the CLSA study.
The survey covered 1,616 middle income households in 16 state capitals,
spread equally across the four metros. The survey reveals that the Indian
middle class continues to retain its conservative image but households are
increasingly aspiring to a modern lifestyle and optimism is high.
According to the survey, children continue to be the main focus of Indian
families, and aspirations in terms of education and career choices are
running very high.
Rising prices, children's education and medical costs, however, are key
concerns. The survey, done along with Mindscape, the consumer insights
division of Technopak, noted Mr & Mrs India appeared more conservative, have
fewer loans and own less goods.
For instance, an average family of 4.3 people live typically in a 900 sq ft
apartment, 71 per cent own properties, but only 9 per cent have a mortgage,
100 per cent households have TVs [Get
Quote<http://money.rediff.com/money/jsp/quote_process.jsp?query=tvs>
] and 20 per cent have credit cards. Household savings are low at 13 per
cent of annual income, mainly to meet emergency needs, healthcare and
education costs.
Over 84 per cent have not taken loans, and only 11 per cent have invested in
equities. Land and properties account for 51 per cent of wealth with 30 per
cent held in cash and deposits.
Half of the households have seen their income rise in the past 12 months, of
which one-third saw income rise more than 20 per cent while 63 per cent
respondents expect their income to increase in the next 12 months.
------------------------------
*Glorious Run*
- The survey was conducted across 16 cities, 1,616 families
interviewed
- 30 per cent live in joint families shouldering responsibilities for
senior citizens
- Average family size is 4.3, average number of children per family
1.05
- On an average, 38 per cent households are without children
- Nearly 70 per cent put annual income at Rs 72,000-240,000
($1,800-6,000), annual expenditure at Rs 134,680 ($3,370)
- Most households have high levels of ownership of durables such as
DVD, fridge, TV, mobile phone, though only 19 per cent own a car
--
Deepak P
http://deepakp7.googlepages.com/
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