Ashish Singhal highlights a concerning trend: the financial erosion of India's middle class. While incomes stagnate with a 0.4% CAGR for the ₹5L–₹1Cr group, food prices have surged by 80%, halving purchasing power. This 'well-dressed decline' sees increased spending funded by credit, impacting savings and healthcare, while the ultra-rich prosper and AI threatens jobs.