This is not progress.
The latest festival season has started on a rather buoyant note, in Indian cities. As per initial reports luxury cars, smartphones, luxury watches, jewelry, home appliances, apparel, etc. are witnessing good consumer demand in most cities. Several high-end cars reportedly have a waiting period of one month to twelve months. Several stores have reported shortages of expensive smartphones and large-sized televisions. On the other side, rural markets are reporting a noticeable slowdown in demand. Most companies catering to the rural sector, like farm chemicals, farm equipment, consumer staples, building materials, etc., have commented in their presentations about the slower rural demand. The Reserve Bank of India, several commercial banks, and other lenders have highlighted rising stress in personal loans, credit card outstandings, and micro-lending. Two wheelers and entry-level cars are also not quite reporting encouraging numbers. There are reports about common households down...