The shrinking middle-class The dynamic class has been hit by the ‘pandemic’ blow The second wave of Covid-19 has left an indelible mark on India’s self-image and public confidence. People are gasping even for an ounce of oxygen, while a bleak future stares at them. According to a Pew Research Centre report, India’s middle-class population shrunk by at least 32 million with 75 million people driven below the poverty line in 2020. India contributed 60 per cent to the worldwide drop in the middle-class population. This will surely impact India’s already slowing economy. Since 1990, the 20-fold rise in the middle group has set the tone of Indian economic growth. The middle-class makes up 28 per cent of the total population and 79 per cent of the total taxpayer base. It also contributes 70 per cent to the total consumer spending. It actively participates in the real estate and equity markets and promotes innovation.