• Monday, November 18, 2019

China's middle class 10 times larger than that in India - Times of India

Discussion in 'Central & South Asia' started by RisingShiningSuperpower, Oct 15, 2014.

  1. RisingShiningSuperpower

    RisingShiningSuperpower BANNED

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    Kangress bloodsuckers have caused India to fall behind China. But Modi-ji will rectify this. Modi-ji will make India surpass China by 2020!

    China's middle class 10 times larger than that in India - The Times of India

    China's middle class 10 times larger than that in India
    LONDON: The swelling middle class has long been India's strength, driving the country's economy.

    But it now seems that China has emerged as home to the world's largest number of people belonging to the "middle class".

    Credit Suisse's Global Wealth Report 2014 released on Tuesday says that there are one billion adults at present who belong to the middle class - with wealth anywhere between $10,000-$100,000 range.

    With a net worth of $31 trillion, this group holds considerable economic clout

    However according to the report, India has just 3% of the global middle class, and that share has changed very little during the past decade.

    In contrast, China's share of the middle class has doubled since 2000 and now covers one-third of the global membership, 10 times the share of India.

    By 2016, India's middle class was expected to swell up to 267 million people according to the National Council for Applied Economic Research's (NCAER) Centre for Macro Consumer Research. It predicts that by 2015-16, India will be a country of 53.3 million middle class households, translating into 267 million people falling in the category according to 'household income'. As per the criteria, a family with an annual income between Rs 3.4 lakh to Rs 17 lakh (at 2009-10 price levels) falls in the middle class category.

    Currently India has 31.4 million middle class households (160 million individuals).

    The Credit Suisse report says that the total global household wealth increased in current dollar terms to $263 trillion, or $56,000 per adult in the world, an all-time high for average net worth.

    Aggregate household wealth has more than doubled since the start of the millennium from $117 trillion in 2000 to $263 trillion in mid-2014.

    Over the same period, personal wealth in India and China has risen by a factor of 3.1 and 4.6 respectively. Allowing for the rise in the adult population, global net worth per adult has increased by 77% from 2000, an average growth rate of 4.3% per annum. Despite recording a 15% decline during the financial crisis, wealth per adult has increased each year since 2008 and is now 7% above its pre-crisis peak.

    India has seen rapid growth in wealth measured in domestic terms since the year 2000. In rupees, wealth per adult has grown quite steadily, averaging an 8% annual increase over

    2000-2014. Until the global financial crisis, wealth also rose strongly in US dollar terms, from $2,040 in 2000 to $5,100 in 2007. After falling 25% in 2008, it rebounded, reaching $ 5,400 in 2010, but then fell 13% in 2011 due to adverse exchange rate movements.

    "As is common in the developing world, household wealth in India is heavily skewed towards property and other real assets, which make up 86% of estimated household assets".

    While wealth has been rising strongly in India, and the ranks of the middle class and wealthy have been swelling, not everyone has shared in this growth and there is still a great deal of poverty. This is reflected in the fact that 95% of the adult population has wealth below $10,000.

    At the other end of the scale, a very small proportion of the population (just 0.3%) has a net worth over $100,000.

    However, due to India's large population, this translates into 2.4 million people. India has 238,000 members of the top 1% of global wealth holders, which equates to a 0.5% share.

    The report says "We estimate that 1,000 adults have wealth over $50 million and 650 people own more than $100 million".

    India will also see a 61% increase in the number of millionaires between 2014 and 2019 - 182 now to 294 millionaires in 2019.

    For the first time this year, more than 400 million adults globally have wealth above $100,000, against 217 million at the start of the century.
     
  2. libertad

    libertad FULL MEMBER

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    Indians are smart educated people as evidenced by their thriving diaspora. Its the Indian government's crushing state bureaucracy that severely hampers wealth creation. China also has corruption but not as bad as India.
     
  3. RisingShiningSuperpower

    RisingShiningSuperpower BANNED

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    Indians can do anything! Indians have the brains to accomplish anything!

    It was the leadership that was lacking. But Modi-ji has changed all that. Under Modi-ji's brilliant leadership, India will soon surpass China and America to become a superpower by 2020!
     
  4. Hiptullha

    Hiptullha SENIOR MEMBER

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    It's good too see this Indian spirit. Hopeful that India will turn itself into a marvellous modern Hindu state and instill Hindutva spirit in all Indians. Kudos to the Hindu nationalist leader, Modi.
     
  5. Saheli

    Saheli BANNED

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    He is a Chinese troll mocking Indians. Do not mind him.
     
  6. RisingShiningSuperpower

    RisingShiningSuperpower BANNED

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    I see the Gandhis have lost a dog.

    What Happened to the Gandhis? - India Real Time - WSJ

    What Happened to the Gandhis?
    [​IMG]
    Oh, how the Gandhis have fallen.

    Just five months after the resounding rejection of the Nehru-Gandhi clan’s Congress party in national elections, the family–which has led the country for most of its independent history–has all but disappeared from the front pages of India’s newspapers.

    A news search of the thousands of newspapers and websites in the Factiva database shows how sharply media interest in the family has fallen and turned to Prime Minister Narendra Modi. Factiva is a service of Dow Jones & Co., which publishes The Wall Street Journal.

    A quick tally of all the news stories that mention all three Congress party royals – Sonia, Rahul and Priyanka Gandhi – shows that Mr. Modi was mentioned in ten times as many articles in September.

    “They have really fallen off the map,” said political analyst and columnist Ashok Malik. “It is a reflection of complete confusion and defeatism in the party.”

    Any party would be licking its wounds after such a punishing election defeat. The 2014 polls were Congress’s worst-ever showing. The party didn’t even win enough seats to be given the right to lead the opposition.

    While it’s always difficult to upstage a prime minister, Mr. Modi has proven particularly adept at managing the media. Unlike his predecessor Manmohan Singh, he is not shy about broadcasting his confidence and charisma through big speeches, events and photo opportunities.

    While Prime Minister Modi complains the press hasn’t given him a proper honeymoon period, the story count suggests he is still a media darling. He has been mentioned in no fewer than 55,000 stories in the last three months. That’s more stories than former Prime Minister Singh appeared in during all of 2013.

    Mr. Singh “didn’t go to Madison Square Garden, he didn’t stand next to Hugh Jackman, he didn’t give the media as many hooks (as Modi) but he made news,” on international trips, said Mr. Malik. “Communicating images and words is not just an add-on to government it is integral to governing and Modi realized that a long time ago.”

    For breaking news, features and analysis from India, click here and follow WSJ India on Facebook.

    follow @WSJIndia
     
    Last edited: Oct 16, 2014
  7. Hiptullha

    Hiptullha SENIOR MEMBER

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    Cynical sickulars like you are not wanted here.
     
  8. -1o1-

    -1o1- FULL MEMBER

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    its feel good week in china