India, Dec. 23 -- In the first nine months of this year, the country witnessed more than 100 merger and acquisition (M&A) deals which, according to a media report, is the highest in the past four years. What is surprising, however, is that the largest share was accounted for by the food and beverage (F&B) sector, where the sizes of the deals are generally much lower than, say, energy, tech, and asset-heavy ones. This was followed by apparels, another lightweight category. In terms of value, the consumer sector deals were more than Rs 20,000 crore, with almost 75 per cent in F&B. One of the reasons may be that the India growth story has shifted from demand to consumption, largely due to personal tax and GST changes. Hence, consumption-led ...