GENERAL GEOLOGY

Detailed explanation-1: -The report added that the share of the middle class in the total population rose from 14 per cent in 2004-05 to 31 per cent in 2021-22. The number of “super rich", on the other hand, has risen from 98, 000 in 1994-95 to 1.8 million in 2020-21.

Detailed explanation-2: -The survey focused on 63 cities with a population of more than 10 lakh in 2021, and the results showed that the million-plus cities account for a large share of the country’s middle class (27%) and rich (43%).

Detailed explanation-3: -NEW DELHI: The share of the middle class, with an annual household income of Rs 5-30 lakh, more than doubled from 14% in 2004-05 to 31% last year, and is projected to rise to 63% by 2047, according to a survey by economic research outfit PRICE (People Research on India’s Consumer Economy).

Detailed explanation-4: -Lower Class-Annual income between 2 lac pa-6 lac. Lower middle class-9 lacs to 20 lacs. Rich lower bracket-1cr lacs to 10cr.

Detailed explanation-5: -The middle-class category, comprising 432 million people whose annual household income is in the Rs 5 lakh to Rs 30 lakh range, has a total household income of Rs 84, 120 billion, spending of Rs 62, 223 billion, and savings of Rs 11, 774 billion in 2020-21.