Middle class is becoming the vehicle of socio-economic development
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The increase in the middle income group clearly means that the country’s economy is growing rapidly. It can be understood that if we talk about middle income class or in other sense middle class, then if someone enjoys living life then he is middle class only.
Believe it or not, there is no doubt that the middle class has played a major role in the economic-social development of any country. If this is studied not only in the context of our country but also in the growing economies of the entire world, the reason will come to light. The middle class has played a major role in the change in socio-economic conditions. The way the working class emerged after the Industrial Revolution, the rise of the middle class can be considered a by-product of the Industrial Revolution. According to economic analysts, if there is any growth engine of economic development then it is the middle class. Not to go too far and if we talk only about the beginning of the current decade but also 2021, 30 percent of the families in the country had come under the category of middle income group. It is believed that by 2031 this figure will increase to 46 percent. This means that even in the remaining five and a half years of this decade, the category of middle income group will improve rapidly. While 9.1 crore families were in the middle income category in 2021, this number is estimated to increase to 16.9 crore by 2031. This in itself cannot be underestimated as a great achievement for any country and its economy. According to experts, families with annual income of Rs 5 lakh to Rs 38 lakh are considered in the middle income group category. It also has to be understood that the expansion of the middle class directly means people coming out of the poverty line and the middle class is the reason for the increase in market activities. Demand and supply can also be seen and understood in the context of the middle class only.
The increase in the middle income group clearly means that the country’s economy is growing rapidly. It can be understood that if we talk about middle income class or in other sense middle class, then if someone enjoys living life then he is middle class only. People of the middle class believe in living life even if they have to live according to the mentality of ‘Runaam Kritva Ghritam Peebet’. This is why the middle class spends money liberally. One reason for this, if we speak in the language of social fabric, it can be said that he does a lot for show. In this show-off competition for survival, he wants to get everything that his family, neighbours, friends or people around him have. In this, the aim of the middle class is to get the living, eating habits, clothing, education and other similar things/means and due to this, the demand for new products in the market increases every day, so the standard of living of the people of the country increases. Is revealed.
Actually the middle class represents the white collar. He tries to collect more and more resources day by day, even if he has to resort to borrowing. Here it is also important to understand that the higher income group has its own understanding and access. First of all, there are fewer people in the upper income group. Their likes and dislikes are different. The products that will come in the market for them will be of different category. The middle class tries to run in almost the same race. If the upper class has a luxurious four-wheeler, then its demand is for a four-wheeler in the first stage and then as it moves forward a little, it will start trying to get a convenient four-wheeler within its reach. Similarly, it is the middle class that increases the market demand. The picture is in front of us. It is not very old, it must have been only two decades that coolers took the place of fans in homes and among the coolers, according to their status, coolers from branded companies to local companies made their place in the homes. Today the other side of the picture has come to light. The air conditioner which was only thought of has now reached every home. At least one AC will be easily available in any middle class family. It can be understood that as the demand in the market increased as the middle class expanded, new companies came into the market every day and this boosted the economy as well as increased employment opportunities. This is just an example. If we look at it, be it fast food or confectionary or soft drinks or other similar food items, the credit for this goes to the middle class only if it has got a market. The demand and supply of personal care items has also increased due to the middle class. The online market that has emerged today has been given impetus to it by the people of the middle income group. The recession that is being seen in vehicles ranging from scooters, scooties, cars etc. is because of this middle class. The way real estate is progressing and the network of skyscrapers being built is possible only because of the middle class. This is the reason why today domestic and foreign companies are launching their products in the market focusing on the middle class. In true sense, the one who understands the demand of the middle class is becoming rich and his hold in the market is getting stronger. In such a situation, there should be no hesitation in accepting that much of the credit for the rapidly growing economy goes to the middle class.
– Dr. Rajendra Prasad Sharma
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