The Daily Brief Here's how Indian spending has changed in the last decade
Dec 12, 2024
Explore how Indian households have shifted their spending habits over the last decade, influenced by economic changes and the pandemic. Delve into the implications of these evolving consumption patterns on personal finance and public policy. Additionally, discover the groundbreaking quantum chip, Willow, and its potential to revolutionize fields like medicine and AI. This engaging discussion links current economic trends with technological advancements, inviting listeners to reflect on their financial choices.
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India's Food Expenditure
- Indians spend 28-32% of their budget on food, defying Engel's Law.
- This contrasts with the US and UK, where food spending decreases as income rises.
Shifting Food Preferences
- Indians are consuming more protein (meat, fish) and less sugar.
- However, increased out-of-home consumption could explain India's diabetes prevalence.
Spending on Services
- Indians are spending less on goods and more on services (healthcare, education).
- This prioritization reflects changing lifestyles and investment in experiences.