Insights
India’s elite population is not more than 10 cr
Most modern businesses do not care about 99% of India’s population. Only top 1% of the country can afford their products and services. Households earning INR 85k per month are in the top 0.5% of India.
Navin Kabra is founder of Reliscore. He surveyed his cohort online. Average income of the top 10% of households is INR 45k. 36% of the top 1% live in rural India. Majority of top 1% do not have college degrees. Only 61% of the top 1% owns four wheelers. 95% of the top 1% think of themselves as middle-class or worse. Only 11% of India lives in rental homes. 50% of India uses firewood for cooking.
He wrote in his newsletter FutureIQ, “ What does most of India do? Only 20% of them had a salaried job. And 80% of those were grade IV jobs — i.e. peons, gardeners, housemaids, etc. 22% were land-owning farmers or had an agri-business of some sort. 25% were labourers or daily-wage earners. By the way, migrants were only low single-digit percentage.
He cited ICE 360’s survey about Indian consumer economy. The survey describes how rural India outspends the Metros (3times) in terms of FMCG, clothing, footwear, consumer services and consumer durables.
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