New Delhi, Feb. 5 -- Finance minister Nirmala Sitharaman announced in her Budget speech that one of the government's efforts was to "enhance the spending power of India's rising middle class". This was followed by a massive tax bonanza - through changing the tax slabs - for those with an annual income of up to Rs.12 lakh and lower tax liabilities for those earning more than that. But are these people actually represent India's middle class?

The problem, not just in India but all over the world, is that there is no specific definition of 'middle class'. In its simplest and most widely accepted form, about 60% of a population that falls in the middle by income is understood to be the middle class. On top of that, there is no concrete natio...