ONCE THE BACKBONE of domestic consumption, India's middle class, which represents 31% of its population, is cutting back sharply on daily and discretionary expenditure. The warning bells were first sounded by Nestle India's chairman and MD Suresh Narayanan, a company best-known for its brand of noodles (Maggi), instant coffee (Nescafe) and chocolates (KitKat) among other products. Narayanan said that the 'middle segment' of consumers, a key category for most fast-moving consumer goods (FMCG) companies, was shrinking, resulting in diminishing fortunes for these firms.
"Earlier when there was pressure on the middle class, it would last for a quarter or so. But now, it has lasted for two to three quarters, which is worrisome," Narayanan said, after the company reported its slowest quarterly growth for the July-September period in eight years.
Denne historien er fra December 25, 2024-utgaven av Financial Express Pune.
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Denne historien er fra December 25, 2024-utgaven av Financial Express Pune.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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Quick, quicker, quickest...
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At the G, India up against Head-strong Australia
● In-form batter declared fit for Boxing Day Test
Office Leasing in Top Six Cities Hits Record: Report
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₹ Impact on Auto Sector
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Yoon Defies Second Agency Summons Over Martial Law
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China Avoids Rate Cut to Brace for Future Pressure
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Azerbaijan Airlines plane crashes in Kazakhstan, many feared dead
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Russia Launches 'Inhuman' Christmas Day Attacks
Russia attacked Ukraine's energy system and some cities with cruise and ballistic missiles plus drones on Wednesday in an \"inhuman\" Christmas Day assault, Ukraine's President Volodymyr Zelenskiy said.
Honda-Nissan deal may hold key to fight against BYD
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