{"id":7048,"date":"2026-09-01T17:25:00","date_gmt":"2026-09-01T11:55:00","guid":{"rendered":"https:\/\/www.thirdeyesight.in\/?p=7048"},"modified":"2026-09-08T18:42:20","modified_gmt":"2026-09-08T13:12:20","slug":"indias-spending-boom-is-getting-bigger-india-incs-giants-want-in","status":"publish","type":"post","link":"https:\/\/myechoproject.com\/TES\/indias-spending-boom-is-getting-bigger-india-incs-giants-want-in\/","title":{"rendered":"India\u2019s Spending Boom Is Getting Bigger. India Inc\u2019s Giants Want In"},"content":{"rendered":"\n

Vikash Tripathi, Outlook Business <\/em>
1 September 2026 <\/em><\/p>\n\n\n\n

Eight decades ago, the \u2018nationalist businessman\u2019 GD Birla helped prepare the \u2018Bombay Plan\u2019, which asked the state to pro-vide for the bare minimum needs of its people. His plan asked for 2,800 calories of well-balanced food per day, 30 yards of clothing per year and 100sq ft of housing per person.<\/p>\n\n\n\n

Today, seventh-generation Aryaman Vikram Birla is betting on an entirely different opportunity: premium dining. \u201cWe continue to believe in the remarkable potential of the premium casual dining space, spurred by rising disposable income and evolving lifestyles,\u201d the 29-year-old said after Aditya Birla New Age Hospitality acquired KA Hospitality in 2023.<\/p>\n\n\n\n

The Birlas are not alone in trying to cash-in on rising prosperity in India. In the past five years alone, India\u2019s top 10 industrial groups have announced new ventures in consumer-facing sectors or doubled down on existing ones. A rough tally of these investments crosses \u20b94.8 lakh crore.<\/p>\n\n\n\n

For decades, these same business houses built their dominance in core sectors like steel, power, aluminium, cement and chemicals, laying the industrial backbone of the economy. This helped the nation become a large producer of such goods and, in some cases, an exporter as well.<\/p>\n\n\n\n

But as India\u2019s economic conditions changed, so has the focus of its largest conglomerates.<\/p>\n\n\n\n

For the likes of Tata, Aditya Birla, Bajaj and Bharti, that journey started way back. \u201cWhat has changed in recent years is the speed and openness of the amount of capital being invested,\u201d says Jitender Kumar, associate professor and programme chairperson, retail management programme at Birla Institute of Management Technology.<\/p>\n\n\n\n

\u201cIt is not \u2018opportunistic\u2019 reasons, it\u2019s structural reasons.\u201d<\/p>\n\n\n\n

Two factors seem to be driving the shift: the first is the arrival of an affluent consuming class that can buy branded and premium goods, and the second is the attraction of consumer businesses as a way to diversify revenue and, in some cases, improve the quality of earnings.<\/p>\n\n\n\n

The Rise of Affluence<\/strong><\/p>\n\n\n\n

A couple of decades ago, if an Indian household had some extra cash, it often meant buying more of the same. Today, it increasingly means buying better. Even salt is being upgraded, from iodised to Himalayan pink or rock salt. The same shift is visible in bigger purchases: sports utility vehicles (SUVs) over hatchbacks, and \u20b91cr-plus homes over budget flats.<\/p>\n\n\n\n

But India isn\u2019t simply consuming more. It is moving from basic consumption towards discretionary, branded and premium consumption. This boom is most clearly seen in the rapid expansion of the financial infrastructure that enables consumption. Formal retail credit penetration has more than doubled over the past decade, according to a TransUnion Cibil report, driven largely by personal loans, credit cards and consumer durable loans. Meanwhile, the government-backed Unified Payments Interface has untethered spending from the cash in a buyer\u2019s wallet.<\/p>\n\n\n\n

The signs show up across the broader consumption economy. Homes priced above \u20b91cr accounted for 54% of total sales in 2025, up from just 30% in 2023\u2014the market that decorative paints and home solutions are chasing.<\/p>\n\n\n\n

Out of 4.7mn cars sold in the financial year 2025\u201326, SUVs accounted for more than half.<\/p>\n\n\n\n

\u201cThe consumer market has grown substantially\u2014not only through rising incomes but also the dramatic expansion of branded consumption across product verticals,\u201d says Devangshu Dutta, founder of management-consulting firm Third Eyesight.<\/strong><\/p>\n\n\n\n

The bets are also getting more varied, from Reliance Retail tying up with global brands like Fenty and Skims to the Bharti Group bringing Olive Garden to India.<\/p>\n\n\n\n

The Lure of Returns<\/strong><\/p>\n\n\n\n

For a passenger walking through an airport, the flight is only one part of the journey. There is coffee before boarding, food between flights, a lounge, retail outlets, parking and a host of other things to spend money on. For Adani Airports, those non-aero businesses are increasingly becoming the more lucrative part.<\/p>\n\n\n\n

Its non-aero operations already generate about \u20b92,500cr, with returns in the high-20% range, against roughly 12% from regulated aeronautical operations.<\/p>\n\n\n\n

Jeet Adani, director of Adani Airport Holdings, expects the share of aeronautical revenue to fall to around 10% of total revenue, with non-aero becoming the bigger growth driver. The motivation can be seen as an escape from a return ceiling as much as a bet on rising affluence.<\/p>\n\n\n\n

As Kumar puts it, consumer businesses help the conglomerates in two major ways. First, they help insulate them from volatile and often punishing commodity cycles, and second, they often offer far better returns with lower capital intensity and faster cash conversion.<\/p>\n\n\n\n

Reliance Industries (RIL) shows how significant that shift can become. By 2025\u201326, its consumer-facing arms, Jio Platforms, Reliance Retail Ventures and Reliance Consumer Products, together contributed over 40% of group revenue and nearly 60% of operating profit.<\/p>\n\n\n\n

And there is another advantage. \u201cA small business, when it wants to build a new venture, faces constant margin pressure and often has to build its supply chain from scratch. A large conglomerate can leverage its existing scale, infrastructure and supply chain to enter a new business far more efficiently,\u201d explains Kranthi Bathini, equity strategist at WealthMills Securities.<\/p>\n\n\n\n

Different Strokes<\/strong><\/p>\n\n\n\n

In chasing consumers, some conglomerates are following the fastest-growing categories, while others are using their existing industrial capabilities to enter consumer-facing businesses. One is trying to build an entire ecosystem around it. But the lines between these approaches are not always clean.<\/p>\n\n\n\n

Tatas is doing both: building entirely new consumer brands while also using the industrial ecosystem it has built over decades.<\/p>\n\n\n\n

For Tatas, the consumer opportunity has largely been about following where spending is moving. Their consumer ventures have followed this arc longest. It began decades ago with Lakm\u00e9 (1952), Tata Tea (1962) and Titan (1984). Tanishq and the expansion of Trent under brands such as Zudio are only the latest examples.<\/p>\n\n\n\n

At Tata Consumer Products, once largely a staples business built around salt, tea and pulses, the focus has been shifting towards value-added foods and beverages, with \u20b97,000cr spent on the acquisitions of Capital Foods and Organic India in 2024. Across companies such as Tata Digital, Indian Hotels, Air India and Tata Motors Passenger Vehicles, the group has announced close to \u20b993,180cr in investment over the past five years.<\/p>\n\n\n\n

Aditya Birla\u2019s jewellery chain Indriya and its move into premium hospitality belong to the same category of \u2018pull-based\u2019 diversification.<\/p>\n\n\n\n

JSW is taking a different route. It is taking its existing industrial strengths one step closer to the buyer. The group, which has traditionally been focused on areas such as steel, energy and cement, has expanded into consumer-facing areas such as auto, paints and home solutions.<\/p>\n\n\n\n

It launched JSW Paints in 2019, and acquired a controlling stake in paintmaker AkzoNobel India for \u20b98,986cr last year. Its strategy is to leverage an established network of contractors, dealers, architects and builders to reach consumers.<\/p>\n\n\n\n

The same strategy can be seen in its push into autos, acquiring a 35% stake in the Indian unit of China\u2019s MG Motor in 2024, leveraging synergies with its established steel business.<\/p>\n\n\n\n

At Tatas, too, group companies like Tata Steel, Tata Power, Tata AutoComp, Tata Technologies and TCS are doing significant businesses with Tata Motors.<\/p>\n\n\n\n

Adani is also using an asset it already controls to move further into the consumer\u2019s wallet. Adani Airports announced a \u20b920,000cr investment in June to develop hotels, retail, entertainment and commercial infrastructure around its eight airports, and has signed hotel management agreements with IHG Hotels & Resorts for five hotels. City-side developments could contribute 30\u201340% of Adani Airport Holdings\u2019 non-aero revenue.<\/p>\n\n\n\n

Yet another example of the extension strategy is Aditya Birla Group\u2019s attempt to diversify from cement, metals and textiles into decorative paints with Birla Opus.<\/p>\n\n\n\n

RIL took a different approach: trying to connect multiple consumer businesses into one ecosystem. It expanded its retail network through new formats and acquisitions, added brands and partnerships, and then built a consumer-goods business around acquisitions such as Campa Cola and Lotus Chocolate.<\/p>\n\n\n\n

That expansion was helped by billions of dollars raised by both Jio Infocomm and Retail Ventures from foreign investors in 2020. The group now plans to spend another \u20b98,000cr expanding consumer goods manufacturing. The advantage of having that kind of scale is clear. If RIL has Ajio at a mall and, next to it, GAP and Herschel, it can negotiate better rental terms.<\/p>\n\n\n\n

For conglomerates, Kumar points out, the next level of competition will not be based on investment, \u201cbut on the ability to create different consumer experiences, foster innovation and create lasting brand loyalty through the integration of these capabilities\u201d.<\/p>\n\n\n\n

Can Scale Win?<\/strong><\/p>\n\n\n\n

When Reliance Fresh opened its first stores in 2006, it was part of a rush by some of India\u2019s biggest business groups to crack organised retail. Aditya Birla Group, RP-Sanjiv Goenka Group\u2019s Spencer\u2019s and Kishore Biyani\u2019s Future Group were all betting that organised retail could transform the way Indians shopped. What followed was years of experimentation, losses and, for some, eventual retreat.<\/p>\n\n\n\n

Birlas essentially gave up on grocery retail after a decade of heavy losses and exited entirely.<\/p>\n\n\n\n

Future was pushed into insolvency after a controversial \u20b924,713cr deal with RIL. Spencer\u2019s is still trying to find its footing, with \u20b9249.33cr in net losses in 2025\u201326.<\/p>\n\n\n\n

Conglomerates may have deeper pockets, but that does not automatically make them better at selling to consumers. India has seen some of those bets fail or take years to work. And even among today\u2019s biggest players, the results are still mixed.<\/p>\n\n\n\n

Tata Sons has been in this segment longer than the Ambanis, yet its consumer businesses still make up less than 40% of its total revenue \u2014a share that has not changed since 2020.<\/p>\n\n\n\n

These groups have what most standalone consumer companies don\u2019t: capital, distribution, infrastructure, brands, scale.<\/p>\n\n\n\n

But winning consumers takes something else entirely\u2014reading what people want, building brands, innovating fast and earning loyalty.<\/p>\n\n\n\n

\u201cIn B2B [business to business], it\u2019s about manufacturing at scale, getting your costs down. Then you can compete. In B2C [business to consumer], it\u2019s all about the product. With the right product at the right price, you have a chance to win in the market,\u201d Parth Jindal, managing director of JSW Cement and JSW Paints, told Outlook Business in 2025.<\/p>\n\n\n\n

Tata Sons\u2019 chairman N Chandrasekaran hit the same wall while revamping the group\u2019s consumer unit. \u201cI have the money. But I don\u2019t have the team to run it,\u201d he had told Sunil D\u2019Souza while hiring him to lead Tata Consumer Products in 2020.<\/p>\n\n\n\n

Reliance and Tatas have had the longest head start, but even their journeys show how difficult it is to turn scale and capital into consumer businesses. Birla, JSW and Adani are now trying to make that transition in their own ways.<\/p>\n\n\n\n

A longer tail\u2014Bajaj in hospitals, L&T in retail finance and education, Mahindra in insurance and hospitality, Murugappa in electric mobility\u2014is playing it safer, going deeper into what it already owns rather than chasing new categories.<\/p>\n\n\n\n

What ties them together is a bet on consumers buying not just more but better, and on those consumers being worth more per rupee of capital than the industrial customers who built these houses.<\/p>\n\n\n\n

The prize is growing, but so is the competition. Capital and scale may get these conglomerates through the door. They won\u2019t guarantee a seat at the table.<\/p>\n\n\n\n

(Published in Outlook Business<\/a>)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Vikash Tripathi, Outlook Business 1 September 2026 Eight decades ago, the \u2018nationalist businessman\u2019 GD Birla helped prepare the \u2018Bombay Plan\u2019, which asked the state to pro-vide for the bare minimum needs of its people. His plan asked for 2,800 calories of well-balanced food per day, 30 yards of clothing per year and 100sq ft of […]<\/p>\n","protected":false},"author":1,"featured_media":7074,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[25,772,708,27,212,249,746,215,631,33,625,668,60,36,235,37,3,131,270,43,44,46,48],"tags":[685,716,26,1008,623,564,295,52,353,671,174,177,101,102,103,106,107,845,665,749,32,239,145,250,214,291,216,292,293,217,234,747,59,191,69,679,1044,82,166,195,70,674,718,230,471,1003,659,714,65,202,301,406,488,569,717,662,821,629],"class_list":["post-7048","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-apparel","category-automotive","category-beauty-personal-care","category-branding","category-consumer","category-e-commerce","category-fmcg","category-food-grocery","category-food-service-restaurants","category-footwear","category-health-wellness","category-home-products","category-india","category-lifestyle-fashion","category-luxury","category-marketing","category-press-quotes","category-product-development-and-design","category-real-estate-2","category-retail","category-soft-goods","category-strategy","category-textiles","tag-aditya-birla-group","tag-ajio","tag-apparel","tag-bajaj","tag-beauty","tag-bharti","tag-brand-portfolio","tag-branding","tag-business-strategy","tag-campa","tag-consumer","tag-consumer-behaviour","tag-consumer-goods","tag-consumer-markets","tag-consumer-products","tag-consumer-segments","tag-consumerism","tag-cosmetics","tag-department-store","tag-diversification","tag-fashion","tag-fashion-lifestyle","tag-fashion-brands","tag-fmcg","tag-food","tag-food-beverage","tag-food-grocery","tag-food-and-grocery","tag-food-processing","tag-food-service","tag-footwear-2","tag-godrej","tag-india","tag-indian-market","tag-indian-retail-sector","tag-jewellery","tag-jsw","tag-lifestyle-fashion","tag-modern-retail","tag-modern-retailing","tag-organised-retail","tag-personal-care","tag-quick-commerce","tag-quick-service-restaurants","tag-reliance","tag-reliance-consumer-products","tag-reliance-retail","tag-restaurants","tag-retail","tag-retail-boom","tag-retailing","tag-spencers","tag-supermarkets","tag-tata","tag-tata-cliq","tag-tata-group","tag-tata-neu","tag-wellness"],"yoast_head":"\nIndia\u2019s Spending Boom Is Getting Bigger. 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