The Indian middle class is also expected to expand by more than 10 times from its current size of 50 million to 583 million people in next 18 years. Given this rise in per capita income, swelling middle class and rapid urbanization, it is estimated that additional 45 million housing units would be required by the year 2012.
Amando M Tetangco, Jr: Launch of the Strengthening Program for Rural Banks (SPRB) Keynote message by Mr Amando M Tetangco, Jr, Governor of Bangko Sentral ng Pilipinas (the central bank of the Philippines), to the Philippine Deposit Insurance Corporation (PDIC), Makati City, 8 August 2010.