#Consumption

For the first time in modern India, the average household expenditure on food has fallen below 50% of the monthly expenditure. According to a survey on the changes in India’s food consumption, food purchases made 53% of the total expenditures rural households made in 2011-12, which came down to 46.5% in 2022-23.

This week, we turn to the single defining characteristic of the Chinese economy in the eyes of the world – its status as the factory of the world. We’ll see why exports are no longer the engine for GDP growth they once were, and ask whether China’s own domestic markets could be its answer.