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Why India's Middle Class Can't Buy Homes, Even With Higher Salaries

Many middle-class Indians today are finding it harder than ever to buy homes, not because they earn too little, but because asset prices have far outpaced salary growth over the past few decades. Akshat Shrivastava, a hedge fund manager and founder of financial education platform Wisdom Hatch, compares a Rs 3,500 monthly salary in 1990 to today's median salary of Rs 27,000-Rs 29,400.  On the surface, that looks like growth. But adjusted for 6% annual inflation, Rs 3,500 in 1990 holds roughly the same purchasing power as Rs 27,000 today. That, Shrivastava argues, is the root of the issue: while salaries have generally kept pace with inflation, they haven't matched the pace of asset price growth, especially in real estate. "While the salaries are compounding very slowly in India, the asset prices: houses, land, gold, stocks have been growing at a much faster rate," he wrote. He calls this trend asset price appreciation, and notes that it's eroding the middle cla...
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France Back In Virus Lockdown As Europe Cases Top 10 Million

France entered a new lockdown on Friday as the resurgent coronavirus pandemic increasingly forced other countries to consider following suit, with Europe passing 10 million total infections and the...

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