On the campaign trail, the US President said “xenophobia” was responsible for “stalling” economic growth in India, China and Japan. His comment is puzzling, especially in India, which has the world’s fastest-growing major economy and prides itself on inclusivity.
In its India's economic outlook report, Deloitte said the rapid growth of the middle-income class has led to rising purchasing power and even created demand for premium luxury products and services.
It said output in India remains 4 per cent lower than it would have been without the COVID pandemic and its various aftershocks from supply snags to military conflicts abroad.
On rural consumption, Dinesh said while the consumption pattern of the rural population has changed, the aspirations of Indians have also shifted with more people joining the workforce after completing education