Meanwhile, the survey showed that the urban-rural gap in MPCE has declined to 71% in 2022-23 from 84% in 2011-12. It has further come down to 70% in 2023-24 that confirms sustained momentum of consumption growth in rural areas, the statistics ministry said in a release.
Increased spending on food items by households is a direct consequence of high food inflation, said Indranil Pan, chief economist, Yes Bank. But less spending on discretionary items also shows a decline in consumption, partly due to low real-wage growth this year, Pan added.
Former Reserve Bank of India (RBI) governor Shaktikanta Das had stated in the latest MPC minutes that lower inflation will enhance disposable income with households and increase their purchasing power. Such an approach would support consumption and investment demand, he said.
In August 2023-July 2024, the reference period of the HCES 2023-24, food inflation averaged 8.3% against 6% in the same period of last year, whereas CPI inflation during the period averaged 5.1% against 6.1% in August 2022-July 2023.
The survey revealed that, in nominal prices, the average MPCE (without imputation) in 2023-24 increases by about 10% in rural areas to â¹4,247 and 8% in urban areas to â¹7,078 from the level of 2022-23.
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Top IITs See a Drop in Campus Placements
â More students likely getting jobs independently
Top IITs see a drop in campus placements
⢠More students likely getting jobs independently
US set to lift curbs on Indian nuclear entities
EYEING DEEPER ENERGY TIES
ICC explores two-tier Test cricket system
ICC chief Jay Shah will meet Cricket Australia chair Mike Baird and his England counterpart Richard Thompson to discuss the finer points
Centre eyes private capital for $107-bn grid expansion
INDIA IS ASKING states to attract more private capital to accelerate the expansion of its power transmission network, part of a plan to revamp the country's grid and accommodate more clean power.
Dam over Brahmaputra not to impact water flows to India
CHINA ON MONDAY reiterated its plan to build the world's biggest dam over the Brahmaputra River in Tibet near the Indian border, saying the planned project has gone through rigorous scientific verification and will not have any negative impact on downstream countries -- India and Bangladesh.
D-Street catches flu
Headwinds for markets at the start of the year include higher US 10-year yields and a stronger dollar, the potential imposition of additional US tariffs on Asia-Pacific economies, and elevated economic policy uncertainty and geopolitical risk, Goldman Sachs strategists said in a note while trimming the MSCI Asia Pacific ex-Japan index's target to 620 from 630, as per a Bloomberg report.
D-Street catches flu
HEADWINDS FOR MARKETS at the start of the year include higher US 10-year yields and a stronger dollar, the potential imposition of additional US tariffs on Asia-Pacific economies, and elevated economic policy uncertainty and geopolitical risk, Goldman Sachs strategists said in a note while trimming the MSCI Asia Pacific ex-Japan index's target to 620 from 630, as per a Bloomberg report.
Q-comm boost to gig worker hiring in 2025
THE HIRING BOOM will be driven by the expansion of dark stores, fuelled by new entrants and increased investments from established players.
Banks, NBFCs See Hit to...
THESE SUBSIDIARIES THEN use the data to approach the customer and offer products and services such as insurance, mutual funds, demat accounts and other related financial solutions.
