A report published on Thursday revealed that financial distress coupled with the Coronavirus crisis has pushed around 32 million Indians out of the middle class. This has taken years of economic gains. The report said that the pandemic year 2020 reduced the number of those in the middle class to 66 million, downs third from a pre pandemic estimate of 99 million.
India is estimated to have seen a greater decrease in the middle class and a much sharper rise in poverty than china in the Covid -19 downturn, the Pew Research Centre said, citing the World Banks forecasts of economic growth.
But nearly a year into the pandemic, the World Bank revised it’s forecast this January, to a contraction of 9.6 percent for India and growth of 2 percent for China.
India faces a second wave of infections in some industrial states, after a decline in case until early this yearly the estimates holds true in actual World Bank income data still being gathered, it would mark an end to a pattern that has seen the global middle class expand without fail since 1990s .
By K. Shanmugam
Dr. B. R. Ambedkar global law Institute