New Delhi, May 28 -- India's growth story over the last three and a half decades has been nothing short of transformative. From a balance-of-payments crisis in 1991 to an economy on the cusp of $4 trillion, India has undergone one of the most significant structural shifts among emerging markets.

This brought visible gains in living standards, particularly for lower-income groups. Access to basic amenities has improved, financial inclusion has expanded through digital public infrastructure and welfare delivery is better targeted.

These headline successes are important, but so is the sobering reality that India's middle class, the backbone of its economy, may actually be shrinking.

Recently released distributional data for 2024 from Worl...