Demographic income distribution in India points to a catastrophic drop in real estate and stock market
Babu Ghanta
Sep. 9, 2007

Indian middle class is enjoying some solid prosperity. Almost 91 percent of the middle class homes own mobile phones, 72 percent own two-wheelers, 70 percent own homes and 19 percent own four-wheelers.

However, the income profile shows a classical pyramid-shaped society with only 600,000 households earning above Rs 18 lakh per annum.

That is worrisome. The fact is the middle class is submerged in debt. A slight recession will plunge the country in deep depression.

It is common for the middle class to own a home of $200,000 with income as low as $15,000. Please note food prices, gasoline, and other essential commodities are costlier in dollar terms in India than in US.

A typical scenario is a person earning $1000 per year has bought a $1200 cell phone on credit card. The person did not stop at that. He went ahead and replaced that cell phone with another one in six months that cost $1500.

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