The pandemic with its first and second waves tilted many socio-economic equations on the wrong side. Now, the economy is limping and global ratings on several indexes took a nosedive. But, in hindsight, the pandemic story damaged the Indian middle class in an unprecedented way that has never happened since independence.
There are rich and elite people whom Pandemic could not touch, except, forcing them to select Maldives as the only available foreign holiday destination and people at the bottom of the pyramid are getting government aid in more than one ways but, the middle echelon of Indian mass is badly bruised, beaten and left unattended while many of them are fighting joblessness and others are losing their near and dear ones to onslaughts of Covid-19. Many of their children got stuck in the conundrum of online classes, delayed examinations coupled with zero support on employment readiness. Please remember this famous Indian middle class has spawned talented entrepreneurs, sports icons, scientists, bureaucrats, economists, army men, teachers, and so on.
Statistically, this middle class contributes 79% of total tax payment and 70% of total consumer spending of the economy. Hence, this middle class is the financial backbone of the country. Sadly, the well-being of this very backbone has gone into oblivion for the leaders of our country.
With the current economic crisis, the size of the middle class has shrunk badly as a significant chunk is getting pushed beyond and below poverty line threshold. India is now almost falling into a Middle-income trap like Brazil, Argentina, and South Africa.
There’s no better time to trigger a reform and lend a helping hand to the middle class and save the country, which is teetering on the brink of mega collapse.
What are you listening to? Please listen to the cry of Prayer and despair of the backbone of our economy!