From fast food to autos, India's digitally connected users lure investors

Mumbai resident Shivam Vahia cannot remember the last time he left home to shop. He spends about 30,000 rupees ($364) a month buying necessities like groceries, clothes and gadgets, all by tapping a few buttons on his mobile phone.

"My only offline spends are bars and restaurants, when I go to meet friends," said the 24-year-old engineering graduate.

Vahia is one among India’s young and aspirational 1.4 billion population, whose propensity for online spending has attracted global companies and digital platforms. And as private consumption underpins economic growth in India, financial investors are targetting new ways to tap into it.

 


China saw a jump in consumption from 2006 when, as per World Bank data, its per capita gross domestic product (GDP) crossed $2,000. India crossed that threshold in 2021, according to the bank's latest available data, which could put it on a similar growth trajectory even though weak job growth and income inequalities in the country pose a risk to this outcome.

 

Read the full article here https://www.reuters.com/world/india/fast-food-autos-indias-digitally-connected-users-lure-investors-2023-04-03/


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