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India’s private consumption was worth $2.1 trillion in 2024 before the cuts in income tax, GST, and interest rates. The stocks that may do well now may be very different from the outperformers of the past.
After a decade of government capex-driven growth and slack private investment, India is turning to its consumers for economic growth. The government has shifted gears, hoping that real demand on the ground would achieve what supply-side reforms couldn’t. 
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