2 years ago it was estimated that raising a child for a middle class family costs nearly INR 55 lakhs, today it would cost INR 66 lakhs, thanks to the 9.5% annual rise in consumer price in the past 2 years.
For parents, the big worry is that education expenses, which account for more than 45% of total expenditure on a child are rising at 12%. Even the modest 6% inflation rate can bloat the cost of the financial goal over the long term. At 12% the cost doubles every 6 years.
SOURCE: TOI Article 04/11/13