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indian economy

COVID-19 pushes middle class towards poverty in India

By shreyyamundhra

The shrinking of middle class is bad news for the Indian economy. Not only does the middle class make up 79% of the country's total taxpayer base, it also contributes to 70% of the total consumer spending. In addition, since the middle class values accummulation of human capital and savings, their investment in education and the economy in general is high. Most of India's entrepreneurs and professionals belong to the middle class as well. They play a crucial role in social development via healthcare education etc. while also contributing to the economy.