India’s consumption growth may lose momentum as rising household borrowing and government support approach their limits, according to Axis Bank economist Tanay Dalal. He questioned the strength of underlying consumer demand, pointing to slower growth in indicators such as UPI transactions, GST collections and petrol consumption. Axis Bank also highlighted the risk of relying heavily on consumer credit and public spending to sustain demand, suggesting that stronger household incomes and private investment will be important for durable growth
