World Bank classifies economies based on Gross National Income (GNI) per capita for FY26: Low income ≤ $1,135, Lower-middle income $1,136–$4,495, Upper-middle income $4,496–$13,935, High income > $13,935
India's GDP per capita grew by 53% between 2011 and 2019
Indian middle class expanded at 6.3% annually between 1995 to 2021
Middle class comprises about 31% of India's population
OECD predicts India will overtake China in middle-class population in absolute terms between 2030 and 2035
World Economic Forum projects India's middle class and affluent consumers will account for 93% of all spending by 2036, up from 80% in 2026
By 2035, 20%+ of key generations will spend $45 or more daily
Taxation Reforms
Income tax exemption limit increased from ₹2.5 lakh in 2014 to ₹12 lakh annually (₹12.75 lakh for salaried persons with standard deduction) under new tax regime
Income Tax Act, 2025 came into effect in April 2026 after comprehensive review
GST taxpayer base grew from 66.5 lakh in 2017 to 1.64 crore by April 2026
TCS rate reduced from 5% to 2% for education and medical expenses under Liberalized Remittance Scheme in Budget 2026-27
Financial Security and Insurance
Unified Pension Scheme (UPS) effective since April 2025 guarantees minimum pension of ₹10,000 per month after retirement
Share of insurance and pension funds in household finances rose from 28.6% in FY 2018–19 to 29.6% in FY 2024–25
Pradhan Mantri Jeevan Jyoti Bima Yojana: 26.88 crore enrolments with over 10 lakh claims settled
Energy shortages declined from 4.2% (FY 2013–14) to 0.03% (FY 2025–26)
Rural electricity availability: 22.6 hours (up from 12.5 hours in 2014)
Urban electricity availability: 23.4 hours (up from 22.1 hours)
Per capita electricity consumption rose from 957 kWh (2013–14) to 1,460 kWh (2024–25) - 52.6% increase
National Electricity Plan 2023–2032 aims to support peak demand of 458 GW by 2032
Healthcare Expansion
Eat Right India movement: 17.76 lakh food handlers trained, 179 Clean Street Food Hubs certified, 517 Certified Fruits and Vegetables Markets, 406 Eat Right Stations at railway stations
Pradhan Mantri Bhartiya Janaushadhi Pariyojana: 18,000+ Jan Aushadhi Kendras offering 2,110 medicines and 315 surgical items at 50-80% lower prices
Janaushadhi products saved ₹40,000 crore in out-of-pocket medicine expenses over 11 years
Pradhan Mantri Surakshit Matritva Abhiyan: Over 7.46 crore pregnant women examined, 22,000+ facilities providing services (May 2026)