Read this interesting article from the New York Times today, it seems to make a lot of sense. India appears to be embracing consumerism as if its life depended on it with newer, bigger, flashier malls being thrown up all over every city in the land and branded stores all over the place.
Just like in America and England, the newly created aspirational middle classes are fueling their addiction to Apple, Levi, Gucci, BMW, Sony, Starbucks and foreign holidays via credit cards and bank loans. Citibank had a stall in the food court of my office building the other day with a banner that read: Why put your dreams on hold? Get a Citibank personal loan and have your dream today!
The bank that I use, Standard Chartered, is also on a mission to get people to take out loans to fuel the middle class addiction; the image below is from their Indian website – basically they are saying “You deserve to go on your dream holiday for 6 days so don’t worry about spending the next 5 years paying it all back with interest“.
Anyway, this journalist puts in a far more eloquent way than I can so have a read.