Goldman Sachs’ report “Affluent India” argues that India’s affluent class, earning over $10,000 annually, will grow from 60 million to 100 million by 2027 and will drive consumption. The report cites income tax data showing rising incomes over the past decade. As discretionary spending increases among this group, sectors like leisure, hotels, and dining out are expected to benefit significantly. Several companies are already seeing stronger growth catering to higher-income consumers versus overall segments. However, some experts note this affluent group may only represent 4% of the population, questioning if this segment alone can sustain long-term consumption growth in India.
KKR in advanced talks to invest for a significant minority stake in BookMyShow via secondary share sale. Investment values BookMyShow at ₹7,500 crore ($900 million), marking a strong comeback after COVID years… The firm’s first-ever profit in FY23 and 3.5x revenue growth in FY23 attract major private equity players. Multiplex footfall surge and diversification into live events like Lollapalooza add to the appeal. BookMyShow expected to close FY24 with ₹1,400 crore top line and 18-20% EBITDA margin.
Millets are emerging as the champions of sustainable farming in India. Their low water needs, resilience to extreme weather, and minimal reliance on pesticides make them ideal for climate-stressed regions. They act as “contingency crops” with longer shelf life and diversified uses beyond just food, providing multiple income streams for farmers. This, coupled with lower maintenance costs and potential for double-season cultivation, makes them financially attractive. Moreover, millet farming empowers women farmers and entrepreneurs through skill development and product diversification. Unlike water-intensive crops like rice, millets thrive without elaborate irrigation systems, further minimizing environmental impact. Their ability to sequester carbon dioxide adds another layer of climate-friendliness. In a nutshell, millets offer a sustainable, profitable, and environmentally conscious alternative for Indian farmers, holding immense promise for the future of agriculture.
While praising India’s robust economic growth and resilient external finances, Fitch affirmed its ‘BBB-’ rating but voiced concerns over weak public finances. They believe reaching the 4.5% deficit target by 2026 is tricky, with trade-offs between growth and consolidation looming. However, Fitch expects a 6.9% GDP growth this year and predicts a gradual decline in inflation with a possible central bank rate cut in 2025. Overall, the rating reflects a positive outlook for India’s economy, but the need for fiscal discipline remains a crucial challenge.
In a bid to propel India’s startup scene to global prominence, Commerce Minister Piyush Goyal is convening a crucial meeting with 40 unicorn startups like Lenskart and Zerodha on Wednesday. The discussion aims to unlock strategies for sustainable growth, manage risks, and attract domestic capital. These unicorns, spanning sectors like fintech and e-commerce, represent the cream of the crop, and their insights will be key to India’s climb up the global startup ladder. This meeting builds on the government’s existing support for startups, exemplified by the Startup India initiative, and underscores its commitment to nurturing innovation and propelling Indian startups to international success.