What income makes you middle class in India? Here’s what data from NSE DRHP shows

NSE's DRHP data reveals India's middle-class expansion, with households earning above ₹8 lakh annually projected to rise from 34.38% of the population in FY26 to 42.74% by FY31. India recorded real GDP growth of 7.60% in FY26, the highest among G20 economies, with nominal GDP growing from $2.61 trillion in FY21 to $3.92 trillion in FY26. Rising incomes are channelizing savings into market-linked investments, with mutual fund AUM from B30 cities nearly tripling from ₹5.36 trillion in March 2021 to ₹13.89 trillion in March 2026, signalling broadening financial participation beyond metros.