Why Indian Consumption Is Booming Without the Middle Class | Saurabh Mukherjea x Nandita Rajhansa

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 transfers to women of ₹1.7 lakh crore, now more than the education budgetThey also discuss how Marcellus has rebuilt its portfolios around these shifts, from private healthcare and diagnostics to manufacturing exporters and the new elite.Invest with Marcellus: https://invest.marcellus.in/auth?utm_source=Spotify&utm_medium=organic&utm_campaign=ThreePillarsOfConsumption&utm_id=PodcastMarcellus Investment Managers is a SEBI, US SEC, and IFSCA registered portfolio manager.