Incomes Rising in Small Towns and Rural Areas, Driving Growth in Premium Goods and Services

• Significant per capita income shifts underway to small towns per RBI bulletin - opportunities leading to business growth • Moderate FMCG growth forecast, but demand outlook robust for premium consumer businesses • Per capita spending on durables and discretionary products rising in rural and urban areas • Real per capita income up 1.5 times since 2011-12 at 4% CAGR • Household preferences evolving towards high-value foods, consumer services, durables and conveyance with rising incomes