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Food Loses Priority In Indian Household Spending

by GoNews Desk 1 month ago Views 247
Food Loses Priority In Indian Household Spending
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There has been a huge shift in the consumption expenditure pattern of Indian households. Over the past six years, people are spending more money on medicines than on food. Data from the Ministry of Statistics and Programme Implementation shows that with the reduction in food expenditure, spending on transport and education has increased.

Till 2012, Indians used to spend 30% of their total expenditure on food and beverages, which has now come down by 3.5%.

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Besides, they have been reducing their expenses on housing, alcohol, communication and recreation and culture.

On the other hand, a large part of their total expenditure is being spent on transport, clothes and medicines.

In addition, the expenditure on education has also increased by 0.5%.

These figures show that people in India are spending only on those items which are deemed as 'most important', such as education, transport, and clothes.