Understanding Monthly Earnings in India
As of my last update in August 2023, specific statistics on the exact number of people in India earning Rs 1.5 lakhs per month are not readily available. However, this income level is generally considered to be in the upper-middle class to affluent category in India. The distribution of income can vary widely based on factors such as industry, geographic location, and economic conditions. The Indian workforce includes a significant number of individuals in lower income brackets, with a smaller proportion earning high salaries, particularly in sectors like IT, finance, and management.
Current Salary Trends in India
Look around you and ask yourself how many people in India earn more than 1–1.5 lakhs per month. In reality, you won’t even find many who have managed to make the 50,000 mark monthly. In 2021, the average salary in India's corporate sectors of metro cities can range from 20–35k per month. Others in other fields of employment or doing menial jobs can earn as low as 8–12k per month, even in cities like Delhi and Mumbai. The majority of people in these cities fall under the 8–12k salary bracket.
Regional and Sectoral Variations
Step outside of metro cities and the situation worsens. Many people, either unemployed or unskilled, earn even less than the minimum wage, or worse, are unemployed and doing nothing. This situation remains largely unchanged from 2011. Many individuals are challenged to earn more than 1.5 lakhs per month. Fewer than 1% of the population make that kind of money, if any.
Contributing Factors to Earnings
According to recent studies, around 65% of Indians do not earn Rs 1.5 lakhs per month. This number includes people not settled in business and not working in giant corporate structures. A small percentage, about 13%, work in the corporate sector, climbing the corporate ladder, often in their 35 or 40 years of age. They contribute significantly to this income segment. The majority, however, contribute to the upper-middle to middle-income segment. This segment includes:
Smart Youth and Freelancers
The smart youth in India, typically aged between 22 to 35 years, are increasingly turning to freelancing or a combination of freelance and IT jobs. This segment includes individuals who are leveraging the internet to find work and earn a higher income. Many in this category contribute to the upper-middle income segment.
Millennials and Creative Economy
Millennials are increasingly becoming self-sufficient through their online presence. Many vote for themselves by running their blogs, YouTube channels, daily videos, and other creative ventures. They are a generation that appreciates the value of money, time, and fame. Many in this category also contribute to the upper-income segment.
Conclusion
While specific figures on individuals earning Rs 1.5 lakhs per month are not readily available, it is clear that this is a relatively small segment of the Indian population. Understanding these dynamics can help in formulating policies and strategies to promote economic growth and better job opportunities for more Indians.