The India Fix: Why is India struggling to create a substantial middle class?

Welcome to The India Fix by Shoaib Daniyal, a newsletter on Indian politics. To get it in your inbox every Monday, sign up here (click on "follow"). Have feedback, interesting links or I'm-so-middle-class jokes? Send them to theindiafix@scroll.in. One of the most significant decisions in the 2021 Union budget was to lift the limit on foreign direct investment in Indian insurance companies from 49% to 74%. This, for the first time, allowed foreign ownership of Indian insurance. "Industry cheers as Budget 2021 increases FDI limit in insurance to 74%," read a headline in the Business Standard. More than a year…