At least this article in the TOI says so..
Indians are always thought to be a conservative society thanks to our high saving rate and a burgeoning middle class with conservative approach.
Things have certainly changed in the last few yrs with the call centre western imported culture, the discount malls culture and creeping consumerism that the opening up of the economy and the booming stock markets have brought about. Ive seen friends almost getting bankrupt with easy credit card debt too, but they arnt that many in statistical terms.
So are we now changing into a debt oriented society throwing savings to the wind? Are we heading the American way of purchasing a house on mortgage and having credit card debt being standard norm, rather than the an aberration?
yes the INR is going up against the Dollar but not against other currencies like the Euro.
The stock markets are either irrationally exuberant or we are aping the big sustained bull rally that happened in the west after the great depression, as the fiis are pumping in big money betting on India.
The housing problem in India is acute, population is growing and people are desperate. Worse, we are having a housing mkt/asset price bubble caused by a nexus of Builder Slumlord/Goon and Politician lobby. We might even be heading the american way with a urban housing loan delinquency type of crices in next 2 yrs if interest rates rise further.
Yes more people are living beyond their means in cities, but can we really generalise when rural folks constitute 60%+ population?
More importantly is the Government living beyond its means with bloated expenditure on questionable poverty alleviation programs and an ever increasing subsidy bill and a fiscal deficit?