With GDP due today, India's middle class consumption story has 3 protagonists
The ripple-effects of the slowed consumption was seen in India Inc's performance for the second quarter which clocked a revenue growth of 16-quarter-low. Moreover, India is due to report its Q2 GDP figures today, which may further push the Indian consumption story.
According to a report by Marcellus Investment Managers, three key factors are contributing to this phenomenon: increasing automation in routine jobs, a cyclical economic downturn, and deteriorating household balance sheets.
1. Automation and the Loss of Routine Jobs
As technology advances, the replacement of human labor in routine, repetitive tasks has intensified. Marcellus report, published on November 24, highlighted that clerical and supervisory roles, both in offices and factories, are being automated even without the use of advanced artificial intelligence (AI).
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