Union Budget 2024: Urban consumption growth in Q1 lags behind rural areas

CHALLENGES

> Urban consumption growth in Q12024 fell behind rural areas for the first time in 5 quarters
 

> Evidence of a K-shaped recovery is also seen in vehicle sales. More expensive passenger vehicle sales are higher than before the pandemic, while two-wheeler sales continue to lag   

TAKEAWAYS

> Focus on spending in rural areas and other long-term steps, is expected to help increase income in the hands of consumers in the long-term
 

> Lower taxes and levies on mobile phones and associated products such as chargers to help bring down prices