Rural Spending Rises by 35 per cent, Outperforming Urban and Metro Areas in 2024 Festival Expenditure

Rural Spending Rises by 35 per cent, Outperforming Urban and Metro Areas in 2024 Festival Expenditure

Hyderabad (Telangana) [India], October 23: Rural consumers are significantly shaping the festive spending landscape this year, with a remarkable 35 per cent increase in their spending. This surge underscores the growing purchasing power of rural India, highlighting its vital role in driving overall consumption growth.

The Fast-Evolving Rural Consumer

According to a comprehensive report from InsightCrunch, based on 4500+ in-depth interviews across 16 states, India is witnessing a surge in spending, highlighting growing consumer confidence nationwide. The increases vary across regions: Rural consumers have an average expenditure of Rs. 15,119, reflecting a significant increase of 35% from the last year. In Urban areas, the average spend rises to Rs. 18,317, marking a 30% increase, while Metro residents spend an average of Rs. 21,151, which represents a YoY growth of 33%. Although Metro residents outspend their rural counterparts by approximately 40% more per capita, the faster growth in rural spending indicates a noteworthy shift.

“The rise in rural spending is a testament to the evolving economic landscape in India. The untapped potential in rural markets is being realised this festive season,” says Deekshith Vemuganti, CEO of InsightCrunch.

While average overall spending per capita stands at Rs. 17,654, almost one-third of the population will be spending under Rs 5000, and another one third between Rs. 5000 and Rs. 15000. Overall, the spending shows an uptick of 32% from the previous year.

How are they funding it?

Fueled by confidence in the Indian economy, 65% of consumers are happy to tap into their savings to amp up the festival fun. Middle-income households, under spending pressure and limited funding options, are 3 times more likely than lower-income groups to rely on bank loans for festival expenses.

“This data provides valuable insights for financial institutions, retailers, and FMCG companies to tailor their festival season offerings and marketing strategies, particularly focusing on middle-income consumers who show a higher propensity for credit-based spending.,” adds Sudhanshu Gupta, VP of InsightCrunch.

Head over to this link if you want free access to the entire report.

About the Company:

InsightCrunch has conducted over 2,250 surveys and has collected 9 crore+ (90 Million+) data points, a comprehensive and reliable basis for analysing trends and behaviours. Through its robust data collection and analytical capabilities, InsightCrunch provides invaluable insights into how various demographics engage with technology.

Please feel free to contact us for more information: Mobile: +91-9160638589, Mail: insights@vedavaag.com

India’s Biggest Money Expo Happening in Mumbai

India’s Biggest Money Expo Happening in Mumbai

Indian economy is expected to grow 5.9 percent in FY24 and is set to contribute 15% to the global economy. With the Largest traders and investor community, India ranks top 10 in the Online trading volume in different Segments like Indian Stocks, US Stocks, Currencies, Virtual Assets, Commodities & Indices.

In 2023, India Market is expected to reach a new high in individual investments across various financial products like Mutual funds, ETFs, Bonds, SIP, AIF, Index funds, hedge funds, Crypto Funds, hybrid funds, Fund Managers, international portfolios and Social trading.

The Technology Era

The evolution of FinTech has made online trading within reach for anyone with just a smartphone. The largest community of traders and Investors has been focused on the Stock market, Forex Trading, and Crypto Trading in recent days with technological developments. However, Understanding the global market sentiments and profitable Trading strategies is a challenge among traders in Asia. Indian traders continue to learn and update themselves with the latest trading techniques and the desire to acquire more financial market knowledge persists.

Money Expo 2023: As an Opportunity

For Traders and Investors, an opportunity to meet all the financial service providers under one roof is availed by Money Expo, One of India’s largest Trading and investing events. Money Expo 2023 is announced to be held on 12-13 August 2023 at Jio Convention Centre, Mumbai. Bringing Face-to-face networking to individuals helps to foster relationships, and learn and build trust with the service providers like stock brokers, Forex Brokers, Crypto Exchanges & FinTech companies.

Educating the Next Generation Traders

The second edition of this 2-day exhibition and Conference is set to feature leading brands in the online trading space and host the largest conference with investment industry experts as speakers covering a wide range of keynote sessions, panel discussions, and presentations. Money Expo focuses on attracting visitors comprising of Individuals, Traders, Investors, HNI, Ultra-HNI, Affiliates, IBs, Fund Managers, Trainers, and Service providers.

A platform for Exploring New Markets

At this event, The audience will witness the largest gathering of Financial Professionals, potentially networking to exchange ideas and learn new market opportunities. Money Expo provides attendees with a unique platform to learn about new products and services, explore potential investment & trading opportunities, and better understand the financial industry.

Summit Focus

  • Investments in Stocks, Forex and Crypto
  • Understanding the Blockchain Ecosystem
  • Unleashing the power of DeFi’s & NFTs
  • Regulations on Cryptocurrencies
  • WEB 3.0 Vs WEB 2.0
  • Metaverse, Gamefi (Play-to-Earn)

Participants

  • Crypto Exchanges
  • Government & Regulatory Bodies
  • C-Level & Directors
  • Blockchain & Crypto Pioneers
  • Defi & NFT Projects
  • VCs, Family Offices, Investors & Business Leaders
  • Crypto Community and Influencers
  • Renowned Media Agencies

For more information on Money Expo 2023, visit https://moneyexpoindia.com/mumbai/

Company Name: Trasol Events Pvt Ltd

Contact Name: Jovita Ephrem

Mail Id: info@moneyexpoindia.com

VST CoreB Propels the Growth of the Indian Trailer Industry Forward with Its Focus on Innovation and Safety

VST CoreB Propels the Growth of the Indian Trailer Industry Forward with Its Focus on Innovation and Safety

In the last two decades, the trailer industry in India has taken several giant strides and has emerged as an industry that is contributing greatly towards the growth of the Indian economy. The awareness around trailers has also played an important role in several businesses engaging with this industry. As compared to heavy trucks, trailers offer a minimal cost of transportation per tonne per kilometre. Another factor that has propelled the growth of the trailer industry forward is the expansion of the road network in the country.

Today, there are many companies that are a part of the trailer industry in India. The one company, however, that has left an indelible impact in this sector with its innovative practices and the visionary mind of its founding members is VST coreB. The foundation for VST coreB was laid in the year 2019 by Mr. Sitaram Yadav, who serves as the Chairman of the VST United Group. Currently, Vikas Yadav serves as the MD & CEO of VST coreB. The responsibilities of the company as a MD & COO are shouldered upon by Vijay Yadav.

 

Talking about what separates VST coreB from other companies in the industry, Vikas Yadav, CEO & MD, says, “We specialize in making technology-driven products that cater to the needs or demands of our clients. We have always believed that one must keep a close watch on the ever-changing technological landscape and adapt accordingly. The products offered by us boast of high-end efficiency. Our trailers are characterized by minimal fuel combustion, advanced breaking mechanism and produce limited carbon emissions. We make it a point to use high-quality components while putting together our trailers.”

VST coreB has its headquarters in Kotputli, a small city in Rajasthan that serves as the base for some of the biggest infrastructural projects in the country. Among other things, VST coreB is known to be a company that prioritizes safety procedures over other everything. When a business organization invests in the trailers manufactured by VST coreB, they know they can be sure about the safety of their goods. VST coreB trailers being best trailer manufacturer in India, equipped to cater National Logistics Policy for maximising growth.

“Safety has always been our biggest priority. For implementing safety-based procedures, too, we resort to technology. We have discovered and implemented several unique safety techniques which have been replicated by other companies based in this industry. We have also put together presentations and organized seminars to create awareness of how well-designed safety procedures can be used to avoid accidents. We have conducted extensive research on driving behaviour or pattern of driving professionals and corrected them as and when necessary. We have also installed advanced tools like object detection sensors in our trailers in a bid to add another layer of safety to them”, says Vikas.

The initiatives taken up by top trailer manufacturer VST coreB always become a subject of discussion in the trailer industry. Apart from having a highly professional approach to doing this, the company is known for leading the industry with its innovative methods and techniques. When a business organization collaborates with VST coreB, they get assured of timely deliveries or supplies. The company also specializes in making customized products that are offered at very economical prices. VST coreB trailers is working towards catering national logistics policies to help consumers to speed up their efficiency, accelerate their production and operation processes and breakdown their cost and time effectively.

The evolution of the Indian economy in 2022-2023 according to Mandhir Singh Todd

The evolution of the Indian economy in 2022-2023 according to Mandhir Singh Todd

In an economic context that has been globally complex, where many countries have experienced record inflationary numbers, India not only manages to avoid the prolonged inflationary scenario, but also, according to studies, it is on its way to becoming the economy of fastest growing in the world, according to the Reserve Bank of India (RBI). Mandhir Singh Todd explains everything about the current economic situation in India and its projections for 2023.

India and a recovering economy, according to Mandhir Singh Todd

According Mikey Todd, although it is inevitable that the geopolitical tensions caused by the war in Ukraine will affect the Indian economy in the way they are doing worldwide. The country is also experiencing a context of reactivation of economic growth, to which is added the excellent planting season to increase the expectations that rural demand and urban spending will be able to equalize. Regarding inflation, which is the data generating concern throughout the planet, in India, it has come to exceed 7%. Regarding this data, the RBI has maintained that the worst is over. However, they argued that it is necessary to maintain moderation in the prices of raw materials over time, as well as a relief in the supply chain, in order to avoid a greater problem in inflation.

The role of oil

Mandhir Singh Todd explains that another of the interesting facts that the RBI has sustained is related to the high prices of crude oil, India being one of the main producing countries of this in the world. Considering its impact on the country’s current account deficit, it will widen to 2.3% in total in 2022 that provides the assumption that the oil price reaches $105 per barrel be met.

IMF projections for India and the world

Recently, explains Mandhir Singh Todd, the International Monetary Fund (IMF) has cut its economic growth forecast for India for fiscal year 23, by 0.6 percentage points, placing it at a maximum of 6.8%. This is in a context in which both the IMF and other international financial agencies ensure that the global economic crisis has not yet reached its worst moment.

In this sense, Mikey Todd says that the IMF had forecast a 7.4% GDP growth for India in July 2022 in the fiscal year beginning in April 2022. However, that projection was lower than that established in January 2022. The same year, which was 8.2%. In FY21-22, India achieved growth of 8.7%, especially related to the low base effect caused by the coronavirus pandemic lockdown in FY20-21.

Now, in the annual World Economic Outlook report, released in October, the IMF said the outlook for India in FY22 is 6.8%, reflecting a weaker-than-expected result in the second quarter, as well as lower external demand. These data given in a context in which global economic projections reflect considerable slowdowns for large economies. An example is a contraction of GDP in the United States during the first half of 2022, as well as a contraction of the Eurozone in the second half and the closures in China due to the prolonged outbreaks of Covid-19 that led to a crisis in the real estate sector in that country.