New Delhi, Sept. 16 -- India's income pyramid is undergoing a significant shift, with millions of households moving from low-income categories into the middle and higher-income brackets.

Data cited in the NSE's Red Herring Prospectus (RHP) shows that households earning at least Rs.8 lakh a year accounted for 34.38% of India's population in FY26, a share projected to rise to 42.74% by FY31, signalling a widening pool of households with greater capacity for discretionary spending, saving, and investing.

The household-income data shows a clear movement away from the lowest-income category.

In FY21, India had about 31.4 crore households, of which 13.5 crore were in the low-income category, earning less than Rs.3 lakh annually. By FY26, thi...