India’s astonishing growth story is powered by its burgeoning middle class, a demographic hungry for consumer products. The World Economic Forum hails India’s urban transformation as one of the most significant of the 21st century, with the middle class share leaping from 14% in 2005 to 31% in 2021 and projections soaring to 63% by 2047.
This surge in India’s middle class is driven by urbanisation, the migration of rural dwellers to urban centres and the rise of aspirational lifestyles. Small cities are witnessing astronomical growth rates, while megacities like Mumbai, Delhi and Bangalore are drawing wealthy individuals with an...