Credit-Driven Consumption A Revolutionary Shift: FM

New Delhi: Finance Minister Nirmala Sitharaman has lauded the meteoric rise in credit-driven consumption in small cities and towns, calling it a revolutionary shift that has been made possible due to the Pradhan Mantri Jan Dhan Yojana (PMJDY).

A definitive surge has been reported in household consumption in tier-2, 3 and 4 cities and even beyond, evidenced by the sales growth of two-wheelers, ACs, refrigerators, smartphones and FMCGs in small towns and cities.