India’s Consumer Spending Falls For The First Time In 40 Years

As per a report by Business Standard, consumer spending in the year 2017-18 fell to a 4-decade low. Citing an unreleased National Statistical Office survey, the report said that the average amount of money spent by an Indian in a month fell by 3.7% to Rs 1,446 in 2017-18 from Rs 1,501 in 2011-12.  

Also Read: This 4-Year-Old Bank Posted More Profit Than 17 State-run Banks Combined

The report also highlights the dreadful depletion in food consumption for the first time in decades. While rural Indians spent on average Rs. 580 on a monthly basis on food in 2017-18, they spent Rs. 643 in 2011-12 the report said. The stats, notably, are in real terms, meaning, adjusted with the dip and rise in inflation with 2009-10 as the base year.

Read more at The Wire

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