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India's middle class cuts spending due to soaring food prices, threatening economic growth.
India's middle class is reducing spending due to high inflation, especially in food costs, which have risen above 8%.
This has led to lower sales for consumer goods firms and fast-food chains, as people opt for cheaper alternatives.
The economic growth expected at 7.2% for the financial year ending March 2025 is at risk due to the decline in urban consumption, affecting the country's economic momentum.
5 months ago
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