India, April 24 -- A large number of people from the Indian middle and upper middle class have a certain image of themselves. They view themselves as modern, progressive and ambitious. This segment of society (to which I and many readers of this esteemed newspaper belong) dreams of all nice things that are available to the rest of the world: Houses, multiple cars and an upgraded wardrobe. They are intent on keeping up with the Joneses. This ambition is important and plays a crucial role in India's growth story. After all, this segment also employs a large number of people in different capacities and provides demand for the country's manufacturing sector.

However, buying nice and expensive clothes and taking lovely holidays abroad are not...