FM Nirmala Sitharaman at a panel talk in France: Middle class consumption powering India’s economic growth
“In India, the middle class is the engine of growth. After Covid, India remained the fastest-growing large economy primarily because of the consumption which is triggered from the middle class and turns around into a virtuous cycle generating economic activity,” she said.
By 2036, 93% of all spending in India will be because of middle class or slightly affluent consumers, Sitharaman said. (Photo: @nsitharaman) Finance Minister Nirmala Sitharaman on Friday said India’s expanding middle class has emerged as the country’s engine of growth, with consumption-led demand helping the economy remain the world’s fastest-growing major economy after the Covid-19 pandemic.
The middle class is no longer merely a beneficiary of economic growth but the principal driver of it, Sitharaman said speaking on the theme ‘How to Promote the Rise of a New Middle Class?’ at the Rencontres Économiques d’Aix-en-Provence, a major economic forum, at Aix-Marseille University, France. “In India, the middle class is the engine of growth. After Covid, India remained the fastest-growing large economy primarily because of the consumption which is triggered from the middle class and turns around into a virtuous cycle generating economic activity,” she said.
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