Vaunted consumption story in fastest-growing major economy cracking: Report

Quick Summary:

Urban demand growth has been trending down for five quarters, data from market research firm Kantar Worldpanel shows.

Consumer companies in India making everything from soaps to cars are sounding the alarm: the urban middle class spending has been languishing for over a year as inflation and unemployment weigh on sentiment.

The Narendra Modi-led government also now “conservatively” estimates a real growth of 6.5%–7% for the country in the year ending March 2025.“Underlying demand conditions bear watching,” India’s finance ministry said in a report on Monday.

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Article Details

Category: BusinessFinance

Markets: IndiaChina

Topics: Consumption India growth Bloomberg

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-31 @ 18:19:48 (7 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 1148 words

Reading Time: 7 minutes read

Sentences: 38 lines

Sentence Length: 31 words per sentence (average)

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Copyright Owner: © Business Standard

News ID: 23348915

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