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How rich India's middle class is? - YouTube
Channel: Convey by FinnovationZ
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This data from the World Inequality database
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tells us some shocking facts.
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If your monthly income is greater than Rs 25,000
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then you are earning more than 90% of India's population.
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And if your monthly income is higher than Rs 1,00,000,
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then you are earning more than 97% of India's population.
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That is you are in India's top 3 percent people.
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India's bottom 50% people almost have nothing.
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And the middle class here is also relatively poor.
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Who have a total wealth of 29.5%
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And the top 10% people have 65% of wealth.
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If we talk about the top 1%, the top 1% have 33% of the total wealth.
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So, today I have not come here to talk about these statistics.
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Today we are going to talk about its solutions.
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How can we elevate people who are running below the poverty line?
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And the middle class people,
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who generally assume that they have a lot of wealth.
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But they actually do not.
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How can they become more wealthy?
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Namaskar! I am Prasad and I welcome you all in today's episode.
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Today's video is sponsored by DSP Mutual fund.
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About whom we will talk in the later part of the video.
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According to the data of Public Health Foundation of India,
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5.5 Crore people from India reach the poverty line every year.
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Just because of one particular reason.
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What is it? The answer is Healthcare.
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Every year around 3.8 crore people reach below the poverty line
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Just because of the expenses of medicines.
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This data is very shocking.
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WHO's regional advisor, Catherine Halloway says
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maximum people in India spend 70% of their money
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on healthcare and medicines.
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Whereas in the rest of the Asian countries, this figure is 30% to 40%.
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and 40% low income families have to take debts
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for the health care expenses.
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i think, a lot of you people will be able to relate to this.
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So let us discuss that,
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If we want to prevent these people from going to the poverty line,
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Then health insurance penetration has to be increased in India.
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In India insurance penetration is in single digits.
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meaning it is very less.
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So with the help of government schemes and awareness
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we have to work very fast on this.
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Because in a family, till the time there is a major hospital expense,
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they do not understand the importance of health insurance.
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Many companies and startups have started giving health insurance
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to their employees. And we must appreciate this.
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So if anyone of you does not have a health insurance,
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do get a health insurance cover for yourself.
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and also spread awareness amongst others for the same.
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Let's now move further and talk about the middle class.
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How can the Indian middle class become wealthy?
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And how can India's top wealth reach them?
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Many people in India assume that wealth is a zero-sum game.
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Meaning that if someone gets rich, someone else has to get poor.
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But it is not so.
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Wealth is not a zero-sum game.
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If you are becoming rich,
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it is not necessary that other person has to get poor.
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We all can become wealthy.
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Without making some other person poor.
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In today's times of internet and technology,
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it is not necessary
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that only the children of rich people will become rich.
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You can also become rich.
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Few years ago, only the people who had money,
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only they could start a business
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because it required a lot of initial capital.
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But today, if you have the capability of execution,
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and if you have the talent, then there will be many
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angel investors and venture capitalists ready to fund you.
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Also with the help of social media, startups and technology,
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many people in India are making a lot of wealth.
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In the field of technology we can see
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a lot of innovations are going on.
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Due to which, a of tech-talent will be required in the future.
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Like Meta-verse, electric vehicle, block chains, artificial intelligence etc.
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Speaking of the last 30 years,
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Intel and Microsoft are the only two companies,
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who were on top in the 1990s and even today they are on top.
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The reason behind it is that these two companies
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have been very innovative and disruptive.
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And that's why they have been leading in their individual sectors.
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There are some companies like BlackBerry, Nokia and Kodak
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who could not survive in these times.
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Keep this thing in mind, DSP Mutual fund has launched,
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DSP Global Innovation fund of fund.
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This fund will invest in market reigning dominators
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like Tesla and Meta.
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Young disrupters like Zoom and DoorDash.
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And in connecting enablers like NVD and AMD.
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It means that this fund will invest in stocks other than fan also.
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Which is why this fund is beyond fantastic.
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And here you get the opportunity
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to invest in more than 100 innovative companies
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through different themes.
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It means low stock and sector concentration risk.
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This space is very dynamic and due to regulation changes
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there can be ups and downs here.
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Hence, for a smooth investment experience,
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long-term SIPs will be a better option.
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Do a thorough research before investing.
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You will get the details of the fund
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by clicking on the link given in the description.
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Mutual fund investments are subject to market risks.
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Read all scheme related documents carefully.
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And the most important point,
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with which the middle class can become wealthy
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That is Coding Skills.
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You might be from any field.
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You should learn the basic coding skills.
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With that you will benefit a lot.
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Exactly how will you benefit from it, I am letting you know.
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India is the hub of IT outsourcing.
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It means of all the IT outsourcing contracts in the world,
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55% of those contracts come to India.
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For that the Indian IT outsourcing companies need a lot of talent.
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Not just this, recently a lot of technology startups are getting funded.
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Due to which the tech hirings are increasing rapidly.
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Another important point is, many a times it is said that,
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maximum wealth is in the metro cities and not in rural areas.
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But with the help of technology,
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one person who is residing in the rural areas
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can work from his home and give the same execution of technology
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which is done by people from the metro cities.
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With this, the problem of demographic wealth inequality
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that can also be resolved.
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Recently it was announced in the budget
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that a big amount is going to be spent
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on internet connectivity in the rural areas.
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If this action is executed properly,
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it is going to be beneficial for the entire nation.
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The labour productivity in India
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has significantly reduced in the recent past.
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In the year 2010 it was 7.9%
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and by the year 2019 it has gone down to 3.5%
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Along with this, unemployment problem in India has also increased.
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If we look at the root cause of unemployment problem in India
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one of the important reason behind it is education system of India.
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Which needs to be changed very soon.
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Because a lot of graduates pass out each year
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but their skills do not match the industry level skill set.
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And therefore, the companies also can't benefit much from this talent.
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Due to this gap a lot of people remain unemployed in India.
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So the individual only has to focus on the skill development.
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They cannot depend much on India's education system.
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Another important fact,
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India's 42.5% workforce is in the agriculture sector.
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So, if they start doing other things also along with agriculture,
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like tech-related jobs which can also be done from homes.
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The overall productivity of India will increase a lot.
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And this gap in the wealth also can be covered with its help.
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Mckinsey Golbal Institute stated in 2007
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that the middle class is a bird of gold.
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And this gold needs to create a lot of value for itself now.
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So that we can fill up the inequality gap
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And we all have to come and act together in this. Thank You.
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