Is the lot of the Middle Class improving under Modi?

With vast changes in the world economy over the last few years, one would have imagined that the prosperity levels of the global middle class would have risen. However, research by one organization known by the name of Pew Research reveals a completely different picture. As per its research, the global middle class has become poorer than previously thought. 

Also, millions of people that have come out from poverty in the developing world due to growth in their respective economies are vulnerable to again submerge into poverty. This is quite shocking considering the fact that India & China, the two giants of the developing world, have seen prosperity levels rise. However, the progress in the other developing world is not that great. And hence for the global middle class to show rise in prosperity levels, other developing countries should start contributing. 

We shall not get into debate as to what income levels constitute a middle income household but focus on the corporate repercussions here. If prosperity levels of middle income households have gotten worse, then discretionary spend will fall. As a result, companies that were betting heavily on increased spending by these households will have to go back to their drawing boards. Obviously, they will have to be more prudent in carrying out their expansion plans in geographies where they believed that the spending potential was huge. 

The above is from the newsletter I receive from  Equitymaster.
It should be an eye opener to those who are beating Modi's drum.