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.
This story is from the December 25, 2024 edition of Financial Express Lucknow.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December 25, 2024 edition of Financial Express Lucknow.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Italy's steelmaker gets offer from Jindal
ITALY'S LARGEST STEELMAKER, formerly known as Ilva, has received 10 purchase offers, according to its administrators.
Amazon Puts End to Inclusion Programmes
AMAZON.COM INC is halting some of its diversity and inclusion programmes, a move that coincides with activist pressure on US companies to abandon efforts to build a more diverse workforce.
US Sanctions Unlawful, Says Russian Atomic Energy Agency
RUSSIA'S STATE ATOMIC Energy Corporation Rosatom has said the Biden administration's sanctions against it were \"unlawful\" and being seen as a form of unfair competition from unfriendly countries.
Apple defies anti-diversity plans
● Meta CEO says its good to celebrate aggression more
I would have beaten Trump, says Biden
Outgoing US President Joe Biden said that he would have defeated Donald Trump in the November general elections.
Big Tech CEOs to Attend Trump's Inauguration
SEVERAL PROMINENT TECH leaders are planning to attend Donald Trump's inauguration this month, the latest sign that the industry is trying to bolster its relationship with the president-elect ahead of his return to the White House.
Could monkeys really type all of Shakespeare?
Not in this universe, a new study concludes
Punk & emo fossils are a hot topic in paleontology
Scientists are excited to use them to understand origins of one of the biggest groups of animals
McDonald and Conrad show coaches work best in the background
APART FROM SKIPPER Rohit Sharma and batting superstar Virat Kohli, the one individual who received the most flak for India surrendering the Border-Gavaskar Trophy in Australia could be head coach Gautam Gambhir.
Vice Chancellors Will Become Viceroys
Governors have appointed vice chancellors in their sole discretion.
