India has made great strides since its economic liberalisation in 1991. Looking back over the past 30 years underlines how far the country has come. Between 1991 and 2021, India’s economy grew from US$275bn to US$ 2,946bn and its foreign exchange reserves soared from US$1bn to more than US$630bn. The middle class expanded and household incomes rose, with per capita net annual income rising from Rs7,000 in the early 90s to Rs126,968 in FY2020-21.1 India’s middle class is expanding fast. Analysis from consultancy Bain & Company, for instance, suggests that the number of middle-class households will grow by 140mn ... (full story)