Team Blitz India
NEW DELHI: Goldman Sachs Group Inc. has in a report released on January 12 forecast that India’s affluent class is set to reach 100 million in the next three years. This it says will lead to premium goods companies in the country faring better compared to broader competitors.
The report titled Rise of Affluent India said robust economic growth, a stable monetary policy, and high credit growth over the past decade have boosted the purchasing power of high-earning Indians. It adds that 60 million people or 4.1 percent of the population now earn over $10,000 per annum, compared to 24 million in 2015.
Goldman Sachs has classified the top 4 percent of the working-age population in India with per capita income exceeding $10,000 annually as Affluent India.
They contrast with India’s average per capita income of approximately $2,100. The Affluent India group, amounting to about 44 million in the working-age category, is projected to reach around 60 million when considering the total population of 1.42 billion.