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from BUSINESS LINE, August 31, 2010 The article "Myth called Indian middle-class" is absolutely right. MNC consultancies such as McKinsey enjoy certain privileges, but what is incredible is that almost all such companies refer to these data 'projections' seriously. In the early 2000, the business of organised 'retailing' was predicted to grow exponentially, complemented by the phenomenal (projected) growth of the Indian middle class, which propelled all the business-houses of India to foray into the retailing business.
One of the reports said that, by 2025, India would …