Long-form data essays, read across primary sources

India's Middle Class, 2014–2026: Five Pillars, Three Tensions

A reading of public data on how India's middle class has fared over the last decade, across income and consumption, household debt, investing (long-term and speculative), labour, and emigration. Net household financial savings at a five-decade low. Mutual-fund investor base tripled to 5.42 crore. Ninety-one percent of futures-and-options traders lost money in FY25. NCCS A class participation twelve times higher than NCCS C/D/E.