Is India’s middle class facing an economic crisis? A new book, ‘Breakpoint: The Crisis of the Middle Class and the Future of Work’ by Saurabh Mukherjea says that it is.
It argues that three factors have upended the consumption-driven model that powered the prosperity of India’s middle class since 1991. These are: technological disruption eliminating white collar job creation, wage stagnation eroding purchasing power, and explosive household debt, which exceeds levels seen in US and China. At the same time, India’s graduate unemployment stands at 29%.