India's Economic Growth Leaves Most Citizens Struggling Amid Rising Inequality

Although wealth in India, the world's fastest-growing major economy, grew steadily at an average rate of 7 percent per year between 2010 and 2023, the majority of this financial growth has benefited primarily the wealthy. This concentration has prevented substantial improvements in the financial conditions of average citizens.

Economic indicators, such as domestic flight purchases and automobile sales, show only modest increases, signaling weak growth in consumer spending among ordinary households. Observers attribute this limited spending capability to persistent inflation, stagnant wages, and the ongoing rise in living expenses, which have cumulatively increased financial burdens on average citizens.

The struggle of ordinary Indian families can be illustrated through the story of the Chaurasiya household, who find themselves frequently unable to afford purchases categorized as non-essential, like recreational activities or dining out. Even though the family's primary earner, Rishi Chaurasiya, brings home a monthly salary of 35,000 rupees (approximately US$401), which is above India's average, it does little more than just cover their basic necessities.

Rishi expressed his concerns, explaining the difficulty in balancing essential expenses, such as household and children's needs, alongside occasional discretionary spending when funds are tight. He emphasized that unless his wages rise commensurately with inflation and living costs, the family will struggle to manage even small pleasures or social activities.