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  • News From Press Bullish on India: Average income of middle-class Indians triples from Rs 4.4 lakh in FY13 to Rs 13 lakh in FY22

    Bullish on India: Average income of middle-class Indians triples from Rs 4.4 lakh in FY13 to Rs 13 lakh in FY22

    Source: Moneycontrol Aug 19, 2023

    Presenting the human side of data on income tax returns (ITR), a report from SBI Research titled ‘Deciphering Emerging Trends in ITR Filing: The Ascent of the New Middle Class in Circular Migration points out how the average Indian middle class income has risen over the years.

    The average income (weighted mean) has grown from Rs 4.4 lakh in financial year 2012-13 (FY13) to Rs 13 lakh in FY22. According to the report, the reasons for this are twofold.

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