With retail inflation still over 7%, people in lower-income groups have cut back on essentials while those who are better off are prioritizing expenses.
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Consumption took centre stage, while some sectors got more attention than others. But Nirmala Sitharaman’s budget failed to enthuse the markets.
Budget 2025-26 backs off from supporting the economy when it is badly needed, choosing instead to play to the gallery. What next for consumption?
India’s neighbourhood shops withstood organized retail and e-commerce, but quick commerce’s speed and shifting consumer behaviour might finally break their resilience.