There are 10 lakh (1 million) consumers in India who buy exorbitantly priced luxury goods and the number will rise to 30 lakh (3 million) by 2010, says a report by Technopak Advisors' The Knowledge Company.
The Knowledge Company report goes on to say that there might be 1 million luxury consumers in India currently, but there are actually 10 times as many who can afford these pricey products.
The 2001-02 Household Income Survey by the National Council of Applied Economic Research says that by 2010, there will be 140,000 households in India with an income of more than Rs 1 crore (Rs 10 million) per year. It also says that the city with the most crorepatis (millionaires) is not Mumbai or Delhi, but Nagpur.
So do you think that the number of rich in India is rising? Or is it that this is true of only urban centres? Do you still feel Indians are poor?
Tell us what you think!