Photo: Satish Bate/HT
Photo: Satish Bate/HT

How India lives, thinks, earns and spends

Mint's 16-part data journalism tries to answer these and many more questions, based on fresh data from the ICE 360 survey conducted this year by PRICE

How much do India’s richest earn and what do they spend their money on? Does a college education influence earnings significantly? How are Indians living in metros different from those living in other parts of the country?

In a 16-part data journalism series, Mint tries to answer these and many more questions on how India lives, thinks, earns and spends, based on fresh data from the ICE 360° survey conducted this year by the People Research on India’s Consumer Economy (PRICE), and shared exclusively with Mint.

The ‘Household Survey on India’s Citizen Environment & Consumer Economy’ (ICE 360° survey), covering 61,000 households, is the largest consumer economy survey in the country since the National Sample Survey Office conducted the last consumer expenditure survey in 2011-12.

The survey results show that India’s richest quintile accounts for 45% of aggregate household disposable income. The top decile earns 29% of aggregate household income, only a little less than what the bottom 60% households collectively earn. The top percentile earns 6% of the aggregate income, which is nearly equal to the share of the bottom 20% in the aggregate income pie.

The survey data shows that an overwhelming majority (87%) of people living in metros belong to the top two quintiles of India’s income pyramid. The data also suggests that a college education raises the likelihood of earning more.

Part 1 of ICE 360 Series: India’s richest 20% account for 45% of income

Part 2 of ICE 360 Series: How much the richest 1% earn and spend