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Sharp fall in savings of the middle class in India

Outlook carried an article about the rising living costs that is hurting the large middle class in India. According to Wiki,

The middle class is a class of people in the middle of a societal hierarchy. The middle class is the broad group of people in contemporary society who fall socio-economically between the working class and upper class.

How big is the middle class in India?

According to McKinsey those who earn between Rs 200,000 and Rs 1,000,000 qualify to be in the middle class. India is expected to have a whopping 600 million middle class population by 2030.

Some interesting numbers from the Outlook article,