India’s middle class population will have high expectations from Finance Minister Nirmala Sitharaman, who will present the Union Budget 2023 on February 1. The middle class, considered the central artery of the Indian economy, has been driving the country’s world-beating growth for years.
But the rising cost of living, falling income and mass layoffs across industries have significantly dented the growth of the aspirational middle class, and threaten to significantly disrupt the growth of the Indian economy in FY24.
