New Delhi, Feb. 27 -- India, home to over 1.4 billion people, has nearly 1 billion individuals (100 crore) who lack sufficient income to spend on discretionary goods or services, according to media reports referencing a study by venture capital firm Blume Ventures. This means that approximately 90 per cent of the country's population does not have the financial capacity to purchase non-essential items.

Only about 130-140 million (13-14 crore) people form India's "consuming class", the study estimates. The report mentions these individuals have disposable income beyond their basic needs and serve as the primary market for startups and consumer-driven businesses.

Another 300 million (30 crore) people are classified as "emerging" or "aspir...