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 ₹4,247 and 8% in urban areas to ₹7,078 from the level of 2022-23.
Denne historien er fra December 28, 2024-utgaven av Financial Express Mumbai.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra December 28, 2024-utgaven av Financial Express Mumbai.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Smart Cities Mission: School enrolment up 22%
STEPS TAKEN UNDER the Smart Cities Mission have led to a 22% increase in school enrolment in 19 cities and improved real-time tracking of criminal activities, according to two studies by the Indian Institute of Management, Bangalore.
South steals the spotlight
Hits from Hindi film industry in post-Covid era have been fewer and far between
Does India want BGT win or Rohit back in form?
In case openers KL Rahul or Yashasvi Jaiswal had been struggling, Rohit's elevation would have made sense. But with his form, the change of batting order wasn't really warranted
Oil rises 1%, heads for weekly gain
OIL ROSE ABOUT 1% on Friday and was set for a weekly gain in low trading volume ahead of year-end, backed by expectations of lower US crude stockpiles and hopes of a stimulus-driven economic recovery in China.
IIFL Home Finance expects 15% AUM growth in FY25
● Looking at stock market listing, but no timeline yet
Squid Game stocks tank
A LESS-THAN-PERFECT debut for the new season of Netflix's blockbuster series
Richard Parsons, who rescued Time Warner, Citigroup, dies
RICHARD PARSONS, THE executive dubbed \"Captain Emergency\" for his record of stabilizing ailing companies such as AOL Time Warner, Citigroup and Dime Savings Bank of New York, has died. He was 76.
Russia warns Trump against resumption of nuclear testing
RUSSIA'S POINT MAN for arms control cautioned Donald Trump's incoming administration on Friday against resuming nuclear testing, saying Moscow would keep its own options open amid what he said was Washington's \"extremely hostile\" stance.
Nissan Shares Decline Most Since August
NISSAN MOTOR'S SHARES declined the most since August's market rout, amid volatility as investor focus shifts to the terms of the carmaker's planned deal with Honda Motors.
US Airline Stocks Beat Market
A RECORD YEAR FOR travel in the US is pushing airline stocks to a soaring annual outperformance, and the prospect of sustained earnings power points to a bullish outlook for 2025.
