Why Indian Consumption Is Booming Without the Middle Class | Saurabh Mukherjea x Nandita Rajhansa
Coffee and Investing with Saurabh Mukherjea
- Published
- September 30, 2026
- Duration
- 20:39
- Summary source
- description
- Last updated
- Oct 25, 2026
Discusses investing.
Summary
If the middle class isn't spending, who is?Official data says consumption is growing at 7.7% a year, yet FMCG volume growth is just 4–5% and smartphone volumes are shrinking. In this episode of Coffee & Investing, Saurabh Mukherjea and Nandita Rajhansa unpack the three new pillars of Indian consumption:– A booming elite, with Indians filing tax returns of…
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Show notes
If the middle class isn't spending, who is?Official data says consumption is growing at 7.7% a year, yet FMCG volume growth is just 4–5% and smartphone volumes are shrinking. In this episode of Coffee & Investing, Saurabh Mukherjea and Nandita Rajhansa unpack the three new pillars of Indian consumption:– A booming elite, with Indians filing tax returns of ₹1 crore or more up 7x in 12 years– A middle class borrowing to spend, with household debt excluding mortgages at 32% of GDP– Government cash
Themes
- investing