New Delhi, July 20 -- India's economy is consumption-driven, with private final consumption expenditure contributing nearly 60% to India's gross domestic product (GDP). The consumption trend also has a strong bearing on private investment and hence is critical for the overall growth of the economy.

After the pandemic, we saw a sharp bounce-back in consumption, supported by pent-up demand. While that demand has fizzled out in recent years, worries have arisen that our consumption recovery is not broad-based.

In the last year, robust agricultural activity has supported rural demand, but there are concerns of weak urban demand.

An important factor for a sustainable pick-up in consumption is optimism among consumers about their present sit...