Economics
Pandemic, Taxes Pinching Indian Consumers’ Pockets, Fitch Says
- Burden of indirect taxes has worsened household finances
- India Ratings study shows real wages have been declining
A cyclist passes closed stores in Agra, India on June 6.
Photographer: Anindito Mukherjee/BloombergThis article is for subscribers only.
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The pandemic-induced decline in real wage growth and high taxes are leaving little money in the hands of the Indian consumer, the backbone of the economy, according to new research from the local unit of Fitch Ratings.