Food first.

"The country's goods and services exports have crossed $820 billion in 2024-25, marking a nearly 6% increase over the previous fiscal year despite global uncertainties, the commerce ministry said. Merchandise exports increased slightly from $395.38 billion in April-February in 2023-24 to $395.63 billion in the same period this year. Services exports increased from $311.05 billion to $354.90 billion. "In the last few decades, a large consumer class has emerged in India which has consumption patterns above the pre-1991 bare necessities of roti, kapda aur makan (food, clothes and shelter)." There are an estimated 40 million people with annual income above $10,000 per year, and this number will rise to 88 million by 2028, overtaking Germany and Japan, reported UBS Bank. To put it in perspective, as of 2023, the nominal gross national income (GNI) per capita of Germany was $54,800 per year, that of Japan was $39,350 while that of India was a paltry $2,540 per year. World Bank. "Luxury car sales, a good enough proxy for the luxury market since they combine utility, experience and conspicuous consumption, are slowing down." The Hurun India Rich List estimates that there are 334 dollar billionaires in India. There are a total of 1,539 individuals with a wealth of over Rs 10 billion. "If Rs 50 billion is taken as the threshold, the rich list has 534 HNIs (high net worth individuals)." ET. "Despite market volatility, the median compensation for non-promoter Chief executive officers (CEOs) in India in 2025 has touched Rs 100 million, marking a 13% increase from the previous year, according to Deloitte India." ET. While politicians and bureaucrats boast of rising sales of luxury products, ordinary Indians may not be able to afford healthcare. "In recent years, a worrying trend has emerged in India's health insurance market: many individuals are choosing to quit their health policies." A combination of high premiums, a usurious 18% goods and services tax (GST) on health insurance (India Filings), along with a "surge in claim rejections and the feeling of inadequate coverage that is leading many to reconsider their insurance choices." ET. Forget healthcare insurance with 18% GST, "Subprime loans in India are teetering on the edge of a fresh crisis, with surveys showing signs of distress among 68% of borrowers." "With 27% of borrowers taking out new loans to service old ones, and some families driven to more extreme coping strategies, such as pulling children out of school, the industry is bracing itself for higher defaults." ET. "Are we going to be happy being delivery boys and girls?" asked Commerce Minister Piyush Goyal. No sir, but not everyone can be a Union minister living free in a bungalow in Lutyens Delhi (wikipedia) and traveling first class at taxpayer expense. At least being "delivery boys and girls" provides basic roti, kapda and makaan. While waiting for Amrit Kaal (investindia.gov.in).