A LinkedIn post by Ashish Singhal, co-founder and group CEO of PeepalCo, has ignited a widespread conversation about the economic pressures faced by India’s middle class — a demographic he says is silently shouldering growing financial burdens without adequate public attention, policy support or discussion.
In the now-viral post, Singhal highlights what he calls stagnant middle-class salaries in the face of surging living costs, a pattern he thinks is "the biggest scam no one talks about".
"With soaring expenses and stagnant salaries, the middle class is quietly absorbing the economic shock, with no bailouts, no headlines and barely any conversation," he wrote.
He supported his claim with figures that reflect the slow pace of income growth over the past decade.
According to Singhal, individuals earning under Rs 5 lakh annually saw a compound annual growth rate (CAGR) of just 4 per cent, while those in the Rs 5 lakh to Rs 1 crore bracket experienced an even lower CAGR of 0.4 per cent.
The compound annual growth rate (CAGR) is a term often used in finance to represent the average annual growth rate of an investment over a specified time period.
In stark contrast to these stagnant earnings, Singhal noted that food prices have increased by nearly 80 per cent, effectively impacting purchasing power.
"This isn't a collapse. It's a well-dressed decline. You're still flying once a year. Still buying a phone. Still paying EMIs," Singhal pointed out.
However, this lifestyle, he added, often comes at the cost of “skipping the savings” or “delaying doctor visits.”
He further highlighted the disproportionate growth of technology, saying, “Technologies like AI have seen sevenfold growth in the same period.”
While the rich continue to scale new economic heights, “the middle class is just expected to absorb the shock, in silence. No complaints. No bailouts. Just inflation, EMIs, and quiet pressure,” he wrote.
Calling for a more meaningful conversation, Singhal urged people in power to view the middle class not merely as a vote bank or consumer base, but as a vital contributor to the economy that is being “squeezed out of it.”
He ended his post with a question to his followers: “Do you think it's just an income issue, or even a money management issue?”
The post quickly caught everyone's attention online, prompting reactions from a wide range of the professional community.
One startup founder echoed Singhal’s concerns, stating, “I am picking this signal consistently from a wide variety of sources. The middle class is quietly getting squeezed from both sides. But it's also its own fault for choosing to stay quiet and naively hoping that just staying the course of 9 to 9 jobs, home loans and car loans will improve the situation. The middle class's guilt is that it's taken too much on its own self and asks too little from the government.”
He added, “As they say, excess of nothing is good — being excessively conforming and hard working — has led to being stuck between the devil and the deep sea."
However, Singhal’s post also drew sharp and critical responses.
One CEO posed a direct question: “Good one. But, as CEO, what was the pay rise you gave to your employees vis-a-vis yours? That should be interesting to know.”
Another LinkedIn user added: “Ok got your point but being a CEO are you yourself paying the best salary as per the allocated budget to mid and entry level candidates?”
Some users commented on the psychology of the middle class itself. “Well said! Middle class themself don't allow to think but gets driven by Agenda's set by others and keep draging thereby lost thier Willpower /Courage to Question," wrote one.
A more cynical voice dismissed the conversation entirely: “Crying on any platform won’t make any difference. India was moving on like this and will continue like this. Nothing’s gonna change here.” The commenter added, “Even after so much tax, there is nothing in return. Whoever can and gets the opportunity, just leaves the country, that’s it. But again, salary alone can’t make anyone wealthy anywhere in the world.”
