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‘Biggest scam’: Lemonn cofounder sparks debate on middle-class salary crisis
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A CEO’s post on middle-class salaries has sparked a debate. Ashish Singhal, chief executive officer at wealthtech firm Peepal and cofounder of CoinSwitch and Lemonn, called the middle-class salaries the “biggest scam no on talks about”.
In the post, Singhal cited a Marcellus report from January that the group earning under Rs 5 lakh saw a 4% compounded annual growth rate (CAGR), whereas the Rs 5 lakh to Rs 1 crore income group—which includes middle class and upper middle class—have seen just 0.4% CAGR. Meanwhile, food prices have risen nearly 80%,…
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