A Shift from Debit Culture to a Credit Culture

Since the last few years I have been noticing spending patterns of middle-class Indians. Incomes have grown, so have the opportunities for loans and credits. As a result, Indians are spending like never before. Gone are the days when people saved for years to purchase big-ticketed items, people these days are fulfilling their needs and wants through loans and credits. Recently, I was talking to a business professor in India who mentioned, “Indians no longer look at the MRP (Maximum Retail Price) of the items they buy, they focus on the EMI (Equated Monthly Installment)". Consumerism and instant gratification are on a rise, and the use and throw culture has started to seep in too.