I question the utility of GDP as a proxy here. Unless it takes account of purchasing power, it seems to me that those nominal gains could easily have been infla

I question the utility of GDP as a proxy here. Unless it takes account of purchasing power, it seems to me that those nominal gains could easily have been inflated away. The average inflation over that period has been ~7%. https://www.macrotrends.net/global-metrics/countries/ind/india/inflation-rate-cpi https://www.macrotrends.net/global-metrics/countries/ind/ind... The problem with income inequality is that the pie is unlikely to keep growing forever, but your part of it can definitely keep shrinking. The underlying report goes into more detail of the mechanics. https://marcellus.in/blogs/indias-middle-class-is-losing-ground-to-the-rich-and-the-poor/ https://marcellus.in/blogs/indias-middle-class-is-losing-gro... (to read it you have to affirm that you're not in the US, since the content could be construed as investment advice - this seems excessively cautious to me, but if you say you are in the US it will boot you to a generic landing page)