The Biggest Scam”: Bengaluru CEO’s Viral Post Sheds Light on India’s Middle-Class Economic Struggles

Ashish Singhal, CEO of PeepalCo, has sparked nationwide debate with a powerful LinkedIn post calling out the financial squeeze on India’s middle class. His message reveals a growing crisis of stagnant wages, soaring costs, and mounting debt — all quietly endured without protest.

India middle class crisis

A Silent Economic Crisis Unfolding

In a post that quickly went viral, Ashish Singhal described what he terms a “well-dressed decline” — where India’s middle class continues to appear financially stable while silently buckling under economic pressure.

“The biggest scam no one talks about? Middle-class salaries,” Singhal wrote.

He pointed out alarming statistics:

  • Individuals earning below ₹5 lakh/year have seen just 4% CAGR over the past decade.

  • The ₹5 lakh–₹1 crore income group has seen a shockingly low 0.4% CAGR.

  • Meanwhile, food prices alone have risen by nearly 80%, drastically reducing purchasing power.

Despite the cost-of-living surge, spending remains high — driven by credit, not income.

Well-Dressed Decline”: Lifestyle at the Cost of Stability

Singhal painted a realistic picture of many urban middle-class Indians: traveling occasionally, upgrading phones, and maintaining EMIs — but by compromising on essentials.

“We’re skipping savings. Postponing doctor visits. Living paycheck to paycheck — but in style,” he wrote.

He contrasted this with the rise of AI and tech investments that have seen 7x growth, benefiting the upper class while the middle class absorbs inflation, EMIs, and mounting pressure — all in silence.

LinkedIn Reactions: Support, Accountability & Cynicism

Singhal’s post triggered an outpouring of reactions:

Empathy from Entrepreneurs

One founder responded:

“I see this trend across industries. The middle class is getting squeezed from both ends.”

But he also noted:

“It’s partly their fault — following a 9-to-9 grind, home loans, and blind loyalty isn’t a sustainable strategy.”

Questions on Corporate Responsibility

Another user responded with tough questions:

“Nice post. But as a CEO, what’s been the salary hike for your employees compared to your own?”

This opened debate about internal company dynamics and whether CEOs are doing enough to support their teams.

Disillusionment in the Comments

A more cynical voice remarked:

“India always moves like this. Crying doesn’t help. High taxes, low returns — those who can, leave.”

India’s Middle Class: Stuck in a Financial Trap?

The middle class, once seen as the engine of India’s economic growth, is now stuck in a vicious cycle:

  • Rising inflation

  • No meaningful wage reform

  • Heavy taxation

  • Lifestyle inflation via credit

And yet, there are no bailouts, no subsidies, and no loud protests — just quiet surviva

Conclusion: Will the Middle Class Stay Silent Forever?

Ashish Singhal’s viral LinkedIn post has reignited a necessary national conversation. As the backbone of urban India, the middle class deserves more than silent suffering. Will this be the moment that sparks policy change, wage reform, or at least recognition?

Only time will tell. But the conversation has begun — and it’s louder than ever.