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Bengaluru CEO’s Viral Post Highlights Financial Strain on India’s Middle Class

Ashish Singhal calls stagnant wages, soaring costs, and rising debt a 'well-dressed decline,' urging public attention to the middle class’s quiet economic struggles.

A Bengaluru CEO's post on Indian middle class has gone viral.
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Indian Middle Class office workers
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Overview

  • Ashish Singhal, CEO of PeepalCo, described middle-class salaries as the 'biggest scam no one talks about' in a viral LinkedIn post.
  • He revealed that income growth for those earning ₹5 lakh to ₹1 crore annually has stagnated at 0.4% CAGR over the last decade, while food prices surged by 80%.
  • Singhal coined the term 'well-dressed decline' to describe how the middle class maintains appearances through credit, sacrificing savings and essential needs.
  • He warned that AI advancements threaten white-collar jobs, while the ultra-rich have multiplied their wealth sevenfold in the same period.
  • The post has sparked widespread discussion on social media, with calls for policy action to address the middle class’s financial challenges.