The Young Are Happy to Owe a Few Rupees ; the Next Superpower Special Report

Summary

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Traditional attitudes surrounding the family and money are changing fast in India and are adding fuel to the consumer boom. The biggest change is a willingness to borrow.

Sonjoy Chatterjee, who runs the European operations of India's biggest quoted bank, ICICI, says: 'My father's generation was reluctant to owe a single rupee borrowing was anathema.' Along with this attitude of financial conservatism came a tradition of youngsters remaining at home, often long after they had married and had children.

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Extract

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The Young Are Happy to Owe a Few Rupees ; the Next Superpower Special Report

Great emphasis was placed on putting money away and India still enjoys one of t...

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