The increase in wealth has been seen from stronger retail participation, larger investments into the Indian stock markets, and gold and property purchases.
Rising disposable incomes are set to power India's consumption story, further boosting the country's consumer sector that is fast becoming a key driver for economic growth.
His comments came on the back of a Goldman Sachs report last week that predicted around 100 million people in India will become "affluent" — earn an annual income exceeding $10,000 — by 2027.
Currently, 60 million people in the world's fifth-largest economy earn more than $10,000 — around 4% of India's working age population — according to the report released last week.
The country's consumer market is set to become the world's third-largest by 2027, as the number of middle- to high-income households rises.
Persons:
Abhishek Malhotra, Goldman Sachs, Malhotra
Organizations:
McKinsey &, CNBC, BMI
Locations:
India, Mumbai