According to SBI Research, the average middle-class Indian’s weighted mean income surged from Rs 4.4 lakh in fiscal year 2013 to Rs 13 lakh in fiscal year 2022. The shift was driven by lower-income taxpayers moving to higher income brackets. The report notes a decrease in zero-tax liability filers from 84.1% in 2012 to 64% in 2023. The calculated mean income, based on Income Tax Returns, is projected to rise from Rs 13 lakh to Rs 49.7 lakh by 2047, due to increased tax filers and movement towards higher income brackets. The middle class’s upward economic mobility is evident, with 13.6% transitioning to higher income groups between 2011-12 and 2023.