Middle income surge in 2021-22

Consumer sentiments have been rising steadily in India since June 2021. Between June 2021 and February 2022, the Index of Consumer Sentiments (ICS) scaled up by a substantial 31.9 per cent. In the first three weeks that ended in March, the index scaled another 8.2 per cent. This marks a smart recovery in consumer sentiments from the setback it suffered in the second wave of Covid-19. Consumer sentiments had fallen by 15.7 per cent between March and June 2021 – the period of the second wave of Covid-19. The recovery since June has more than covered that fall.

This recent