The financial crisis caused by last year’s corona virus epidemic drove away about 32 million Indians from the middle class. This has been said in the report of the US-based Pew Research Center.
The number of Indians in the middle class, or those earning between $10 and $20 a day, shrunk by about 32 million, compared with the number that could have been reached in the absence of a pandemic, the U.S.-based Pew Research Centre said.
Before the epidemic, the number of Indians in the middle class was estimated to be 990 million.
Pew Research centre report
The Pew Research Center has cited World Bank estimates on economic growth, saying, “During the COVID-19 crisis in India, the middle class is projected to decrease significantly and poverty will increase faster than in China.”
In January last year, the World Bank had projected almost the same level of economic growth for India and China, at 5.8% and 5.9% in 2020, respectively.
But about a year after the epidemic, the World Bank revised its forecast this January and projected a contraction of 9.6% for India and 2% for China.
Meanwhile, cases of corona virus are rising again rapidly in many states of India. According to the latest data from the Union Health Ministry, 39726 confirmed cases of COVID-19 have been reported in the country in 24 hours.