India’s missing middle class
Multinational businesses relying on Indian consumers face disappointment
THE arrival of T.N. Srinath into the middle class will take place in style, atop a new Honda Activa 4G scooter. Fed up with Mumbai’s crowded commuter trains, the 28-year-old insurance clerk will become the first person in his family to own a motor vehicle. Easy credit means the 64,000 rupees ($1,000) he is paying a dealership in central Mumbai will be spread over two years. But the cost will still gobble up over a tenth of his salary. It will be much dearer than a train pass, he says, with pride.
This article appeared in the Briefing section of the print edition under the headline “The elephant in the room”
Briefing
January 13th 2018
From the January 13th 2018 edition
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