Sitharaman Urges Corporates to Look Beyond ‘Urban Elite’

Union Finance Minister Nirmala Sitharaman has urged Indian corporates to broaden their focus beyond the formal urban elite and tap into the country’s wider consumption base. Addressing the 53rd National Management Convention of AIMA in New Delhi on September 22, she said India’s consumption rests on working families across agriculture, rural construction, transport and informal enterprises. Sitharaman said the next phase of consumption growth would be driven by rising incomes and upward mobility, leading to greater discretionary spending. She also highlighted growing demand for healthcare, wellness, consumer durables and quality services as demographic patterns evolve.