You could say the same for any nation though. Right now, I would say that the Western middle class is not secure either, particularly in Europe, and just one disaster away from poverty. Young families are priced out of starter homes and there is increasing uncertainty.

We don't know what is the extent of the real estate bad loan crisis in China. But if the protests surrounding it are telling, then I would say that the Chinese middle class are already in a financial disaster. Couple that with the increasing anti-globalization from the West, and China's middle class certainly ends up being in a very bad position.

this is a flawed understanding and mischaracterises the situation. Europe’s middle class will be broke if they lose all their money. They still have institutional supports and community to fall back on. This is as true in the poorer european countries as it is in the richer ones. Not being able to afford a home is not in the same ballpark as not being able to eat.

India’s middle class will fall into poverty if they lose their money. the critical difference is that the indian middle class is without government or societal support to help them out of poverty.

And what if everyone in Europe is broke? The government can magically cook up money from thin air right? Those taxes will pay for themselves right?

In India, around 3% of the population pays income tax because the rest are under the tax bracket. Yet somehow the government manages to have public schools and hospitals. During covid, when students and children in the UK were starving, India was feeding 200 million people out of the government's pockets.

Its funny seeing people who have the faintest idea of Indian ground realities make sweeping generalizations about a country of 1.5b people.