India's middle class tightens its belt as inflation reaches 14-month high

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India's middle class tightens its belt as inflation reaches 14-month high - Business Standard

Quick Summary:

India's city dwellers are cutting spending on everything from cookies to fast food as persistently high inflation squeezes middle class budgets, threatening the country's brisk economic growth.

India's central bank expects 7.2 per cent GDP growth for the fiscal year ending March 2025 on the back of improved rural demand and a strong services sector.

Some are less optimistic with Citi and IDFC First Bank economists expecting GDP growth in the July-September quarter to miss the central bank's projected 7 per cent, weighed by slower urban consumption.