The Soaring Growth of India's Middle Class

31 October 2023
|In Blogs
|By Amit Saxena

According to findings from the Pew Research Center, there is a notable surge in the size of India’s middle class. Projections indicate that by 2030, the number of individuals falling into the middle-class category in India will double, reaching an impressive 800 million people. The middle class, as defined by the PRICE report, consists of households with an annual income ranging from Rs 5-30 lakh.

Year Population (millions)
1990 115
2000 200
2010 300
2020 540
2023 565
2030 800
Year Growth Rate (% per year)
2000-2010 6%
2010-2020 8%
2020-2030 7%

Source: PRICE Report

Region Middle class population (millions)
North India 181
South India 125
East India 105
West India 129

Source: 2020-2021 PRICE Report

State Middle class population (millions)
Maharashtra 74
Tamil Nadu 59
Uttar Pradesh 55
Karnataka 45
Gujarat 43

Source: 2020-2021 PRICE Report

The Significant Contribution of India’s Middle Class:

India is presently in the midst of a profound demographic shift, with a considerable segment of the population ascending to the middle class. This remarkable transformation is a rare event and holds substantial implications for India’s economic strength. Morgan Stanley, a renowned global financial services company, has underscored that the upcoming decade is poised for India’s ascent, recognizing the nation’s potential for unprecedented growth and prosperity.

In the year 2030, India’s economy is poised to undergo a significant transition, shifting from its predominant reliance on the bottom of the socio-economic pyramid to being primarily fueled by its rapidly growing middle class. This transformation will establish India as one of the world’s youngest nations, with expectations of hosting an astonishing population of over one billion internet users. Consequently, the emerging Indian consumer will have increased wealth and demonstrate a greater inclination to spend on a variety of products and services.

The Indian middle class is a powerful economic entity, accounting for roughly 50% of the total income earned, 48% of overall expenditures, and an impressive 56% of savings. This dynamic demographic constitutes about 31% of India’s total population, firmly establishing it as one of the most robust middle classes on the global stage.

Distribution of the middle class in India:

Region Number of Middle Class Households (‘000)
Urban 47,978 (~4.7% Growth rate b/w 2015-16 to 2020-21
Rural 42,949 (~6.6% Growth rate b/w 2015-16 to 2020-21)

The existing middle-class population stands at 432 million and is projected to reach nearly 800 million by 2030. Consequently, the present rural middle-class accounts for 288 million individuals, while the urban middle class comprises the remaining 144 million. Notably, Tier 2 and Tier 3 towns in India are witnessing a remarkable increase in the number of middle-income households, thereby reshaping the nation’s economic landscape.

Spending patterns of the middle class in India:

Category Share of spending (% of total)
Education 20%
Healthcare 15%
Consumer Goods 55%
Others 10%

Source: Understanding the Burgeoning Indian Middle Class through its Expenditure and Asset-Ownership Patterns by Meghnad Desai Academy of Economics, 2020

National Council of Applied Economic Research (NCAER) Household Consumer Expenditure Survey, 2011-12

Expenditure on health, as a component of private final consumption expenditure, demonstrated a compound annual growth rate of 16.4%, whereas spending on education expanded at a rate of 16%.

Education: According to the report, the proportion of education expenditure increased from 3.6% in 2011-12 to 4.5% in 2018-19.

(Source: Business Standard)

Others Sources:

  1. People Research on India’s Consumer Economy (PRICE) report
  2. The Pew Research Center report “A Global Middle Class Is More Promise than Reality”.
  3. The World Economic Forum report “6 surprising facts about India’s exploding middle class”.
  4. The Indian government’s Ministry of Statistics and Programme Implementation website

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Vicky Harjani

Executive Director

Vicky Harjani is an Executive Director at Nuvama Private with over two decades of experience in private banking and wealth management. Based in Mumbai, he partners with ultra-high-net-worth individuals, entrepreneurs, and business families, helping them navigate complex financial landscapes through tailored wealth management solutions and long-term wealth preservation strategies.

Over the last 11 years at Nuvama Private, Vicky has played an instrumental role in driving the firm’s growth and strengthening its market presence, leveraging strategic insight and deep industry expertise to create long-term value for clients and the organization. Known for his relationship-led approach, he brings deep expertise in portfolio advisory, strategic asset allocation, and holistic wealth planning, delivering bespoke solutions that help clients preserve, grow, and seamlessly transition wealth across generations.

Prior to joining Nuvama Private, he spent 8 years at Kotak Mahindra Bank and 2 years at Citi Bank, gaining extensive experience across private banking and wealth advisory.

An alumnus of the Indian Institute of Management Bangalore (IIM Bangalore), Vicky combines strong academic credentials with deep industry expertise to deliver thoughtful, client-centric wealth management solutions.

Amit Saxena

Managing Director

Amit Saxena, a highly accomplished professional, currently holds the position of Managing Director at Nuvama Private. With a long-standing association with the firm since 2013, Amit has played a pivotal role in establishing and scaling up the Private Wealth business.

With over 25+ years of experience, Amit is a seasoned veteran in the Wealth Management industry. Prior to joining our team, he held key positions at esteemed institutions including Bank Sarasin, DSP Merrill Lynch, and Standard Chartered Bank, where he made significant contributions to their Wealth Management divisions.

Based in Delhi, Amit continues to make noteworthy contributions to the field of Wealth Management, leveraging his extensive expertise and industry insights.

Amit holds a commerce degree and is a qualified Cost Accountant from ACWA. He further enriched his qualifications by earning a Master’s degree in Business Administration from Symbiosis, Pune. These educational achievements reflect his commitment to continuous learning and professional development. His contributions and leadership at Nuvama Private have been instrumental in the firm’s growth and success.

Priyanshu Gaurav

Senior Executive Director

Priyanshu Gaurav, a highly experienced Private Banker, brings a wealth of strategic and innovative thinking to Nuvama Private. With an impressive tenure of over 20 years in the industry, Priyanshu possesses a deep understanding of financial markets and currently shepherding the expansion of operations in West across Rest of Maharashtra, Goa & Mumbai. With a keen eye for emerging trends and a relentless pursuit of excellence, Priyanshu Gaurav continues to make a significant impact in his role at Nuvama Private. His leadership and expertise serve as invaluable assets in driving sustainable growth and success for the organization.

Before joining Nuvama, Priyanshu spent over 12 years with HDFC Bank Private Banking, where he played a pivotal role in elevating the Private Banking vertical to new heights of leadership. In recognition of his achievements, he was honoured with the prestigious “Wealth Manager of the Year (Individual) 2023” award by Economic Times Ascent.

Priyanshu holds MBA in International Business from the esteemed Symbiosis Institute of International Business in Pune. Beyond his professional endeavours, he is driven by a passion for spirituality and philanthropy. He firmly believes in giving back to society and making a positive impact on the lives of the underprivileged, particularly in the realms of children’s education, eldercare and healthcare.

Saurabh Rungta

Senior Managing Partner & CIO

Saurabh Rungta serves as the Senior Managing Partner and Chief Investment Officer (CIO) at Nuvama Private. As the CIO, Saurabh leads a team of professionals responsible for various investment decisions, including product due diligence, portfolio advisory, asset allocation, risk management, publishing investment communications, and ensuring compliance with regulatory requirements.

With nearly two decades of experience in trading and investment across multiple asset classes in both Indian and offshore markets, Saurabh brings a wealth of expertise to his role. Prior to joining Nuvama Private in October 2018, he held the position of Head of Products at Kotak Wealth Management. Before that, he spent over two years as the Head of International Products at IIFL Wealth Management, where he played a key role in establishing their international investment platform. Saurabh also gained valuable experience during his tenure at ICICI Group and Citi Group.

Throughout his career, Saurabh has provided valuable guidance to multiple Ultra High Net Worth Individuals (UHNIs) and their families. His expertise encompasses market outlook, portfolio positioning, asset allocation, and investment strategies for international assets.

Saurabh Rungta’s extensive experience and deep understanding of the investment landscape make him an invaluable asset to Nuvama Private. His leadership and guidance in investment decisions contribute to the firm’s success in providing exceptional wealth management services to its clients.

Vivek Jain

Executive Director

Vivek Jain is a veteran Private Banking leader with over 21 years of experience in wealth management, financial advisory, and business leadership. As a key member of Nuvama Private, he has played an instrumental role in driving the firm’s growth and strengthening its presence across Mumbai and Gujarat, combining strategic vision with deep market expertise to deliver exceptional outcomes for clients and the organization alike.

Over the last decade, Vivek has successfully led large-scale business expansion initiatives, fostering enduring client relationships and building high-performing teams across key markets. His nuanced understanding of evolving wealth trends, coupled with a client-centric approach, has enabled him to consistently create value for ultra-high-net-worth individuals and families.

Prior to joining Nuvama Private, Vivek spent more than a decade with leading global financial institutions, including Citi and HSBC, where he held pivotal roles within their Wealth Management businesses. During this period, he advised UHNI clients on complex financial strategies while contributing significantly to business growth and market development.

Vivek holds a Master’s degree in Business Management from Mumbai University and further enhanced his leadership credentials through a Master’s degree in Leadership from the Indian School of Business (ISB), Hyderabad. His academic achievements reflect a strong commitment to continuous learning and excellence in leadership.

Beyond his professional accomplishments, Vivek is deeply committed to philanthropy and personal growth. Guided by a strong spiritual ethos, he actively supports initiatives focused on education and healthcare for underprivileged children and senior citizens. His belief in creating meaningful impact extends beyond business, reflecting a broader dedication to community development and social well-being.

Onkarpreet Singh Jutla, CFA

Chief Investment Officer

Onkarpreet Singh Jutla is the Chief Investment Officer at Nuvama Private where he leads the firm’s investment philosophy, product strategy, and portfolio construction across client segments, with a strong emphasis on risk-adjusted returns and capital preservation. With nearly two decades of experience across India’s top wealth‑management institutions, he brings a rare blend of macro insight, disciplined process design, and deep client understanding to the organization’s investment platform.

His career spans senior leadership roles at Kotak Private, ING Private Banking, and Indian Bank, where he played a key role in developing investment products, advisory frameworks, and investment processes.

A CFA Charterholder and MBA (Finance) Gold Medallist from ICFAI Business School, Onkarpreet is known for his research-driven approach, disciplined investment framework, and ability to simplify complex market and macroeconomic trends into actionable insights for investors. He is a regular speaker at industry forums and contributes to discussions on markets, asset allocation, and innovation in wealth management.

Sandeep Chakraborti

Managing Director

Sandeep Chakraborti is an experienced professional who has been serving as the Managing Director at Nuvama Private since June 2026.

Sandeep embarked on his career journey with ICICI Bank Ltd and has amassed an impressive 20 years of relevant work experience with a remarkable tenure of over 11 years at Kotak Wealth. He brings a wealth of expertise to his current role and leverages his extensive experience and qualifications to provide exceptional financial guidance and tailored solutions to clients. His strategic insights and deep understanding of the industry make him an invaluable asset in the realm of private wealth management.

He holds a Master of Business Administration degree from IIM – Bangalore, displaying his commitment to continuous learning and personal development.

Amit Kumar

Executive Director

Amit Kumar is a seasoned private wealth professional with over two decades of experience advising ultra-high-net-worth individuals, family offices, entrepreneurs, and corporate treasuries. Since 2013, he has been associated with Nuvama Private, where he partners closely with clients to craft bespoke strategies for wealth creation, preservation, and seamless intergenerational transfer.

Over the course of his career, Amit has held senior roles at leading financial institutions including Edelweiss Financial Services, ING Private Banking, and the Royal Bank of Scotland. He has been instrumental in building and scaling wealth management businesses, leading high-performing teams, and cultivating enduring relationships with some of India’s most prominent business families.

Amit is known for his client-centric philosophy and entrepreneurial mindset. His expertise spans portfolio strategy, alternative investments, structured solutions, succession planning, and family office advisory. He is equally passionate about mentoring future leaders and fostering a culture rooted in excellence, integrity, and innovation.

He holds a Postgraduate Degree in Business Management from Symbiosis Institute of Management Studies, Pune, and a bachelor’s degree from Delhi University. He has further enhanced his leadership and capital markets expertise through executive programs at INSEAD Singapore and the Indian School of Business (ISB).

Amit believes that long-term success is built on trust, disciplined execution, and a steadfast commitment to delivering superior outcomes for clients.

Dushyant Barara

Executive Director

Dushyant Barara is a seasoned wealth management professional with nearly two decades of experience advising ultra-high-net-worth individuals and families. He is known for his disciplined approach, deep client insight, and ability to craft tailored strategies that align with complex financial goals and long-term aspirations.

Prior to joining Nuvama Private, Dushyant held key roles across leading financial institutions including IIFL Wealth Management, JM Financial, and Standard Chartered, where he built strong relationships and delivered comprehensive wealth solutions to discerning clients.

Widely regarded for his integrity, diligence, and client-first philosophy, Dushyant works closely with UHNI clients to design bespoke investment strategies focused on wealth creation, preservation, and intergenerational continuity. His expertise spans portfolio construction, strategic asset allocation, and holistic wealth advisory.

Dushyant holds a Bachelor’s degree in Computer Science from Thapar Institute of Engineering & Technology and an MBA in Finance from IMT Ghaziabad.

Shweta Shah

Head - Wealth Structuring & Estate Planning

Shweta Shah, Head of Wealth Structuring and Estate Planning, is a Chartered Accountant and Lawyer with over 20 years of post-qualification experience in estate and succession planning, wealth structuring, family governance, and cross-border structuring.
Since joining the firm in 2014, Shweta has been instrumental in building and strengthening the Wealth Structuring and Estate Planning practice, conceptualising the practice framework, developing its offerings, and creating bespoke solutions for promoter families, business owners, and ultra-high-net-worth individuals. She advises families on preserving, protecting, and transitioning wealth across generations through succession and governance solutions that align their personal, family, and business objectives.

With a multidisciplinary understanding of law, taxation, and family governance, Shweta advises clients on the creation of Trusts, Wills, Family office, Family constitutions, Overseas structures, Asset protection structures, Philanthropy Structures and Ownership frameworks to facilitate seamless wealth transition. She also advises families and business owners on establishing overseas structures for their business and investment needs, including cross-border holding structures and investment vehicles, while considering applicable tax, regulatory, and governance requirements across jurisdictions.

She has extensive experience in advising business families on succession planning for both business and personal assets, including families with global footprints and cross-border considerations. Her expertise also includes advising promoter families of listed and pre-IPO companies on promoter trusts and governance structures, as well as assisting families with overseas assets, NRIs, and global citizens in navigating complex estate planning requirements across jurisdictions. She has also worked with parents of children with special needs in creating long-term structures to provide continuity of care and financial security.

Prior to joining the firm, Shweta spent nearly nine years with Ernst & Young (EY) in the Mergers & Acquisitions Tax practice, advising on domestic and cross-border transactions, corporate restructuring, mergers, acquisitions, and complex estate planning matters. This experience provides a strong commercial and tax perspective in advising families on the ownership, transition, and stewardship of wealth.

She is a regular speaker at industry forums on estate planning, succession planning, and family governance. She is also the co-author of EY’s publication on Mergers & Acquisitions, released in 2012 and 2013.

Alok Saigal

President & Head, Nuvama Private

Alok Saigal, the President and Head of Nuvama Private, has been an integral part of the firm since 2014. With his visionary leadership, Alok has played a pivotal role in the transformation and expansion of the wealth business. He founded the Family office practice, introducing Wealth Structuring and Estate Planning services tailored for Ultra High Net Worth Individuals (UHNIs). His innovative approach and expertise have greatly benefited the firm’s discerning clientele.

In addition to his accomplishments in the wealth management space, Alok also oversaw the Products and Investment Advisory functions for a commendable four-year period. His strategic insights and deep understanding of the market have contributed to the firm’s success in providing exceptional investment guidance and tailored product offerings.

Alok Saigal’s long-standing association with Nuvama Private, coupled with his trailblazing initiatives and leadership, have solidified his position as a respected figure in the industry. His unwavering commitment to excellence and continuous drive for innovation make him a true asset to the organization.

Alok has over 25 years of work experience and holds a Master’s degree in Economics from the Delhi School of Economics, Delhi University. Prior to joining us, Alok was associated with Darashaw. He set up and anchored the company’s business in Singapore with focus on Wealth Management & Strategic Initiatives. Post this global exposure, he spearheaded the Investment Management and Private Client platform at Darashaw in Mumbai. He has also been associated with HDFC Bank where he looked after Funding & Banking Solutions for Large Indian Corporates & MNCs as part of the corporate banking group.