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India’s Middle Class Spending Boom Comes With Growing Debt Bill

Bloomberg Markets Wednesday 04 November 2026, 01:00 UTC By Ruchi Bhatia and Anup Roy 1 min read
Key Points

India’s Middle Class Spending Boom Comes With Growing Debt Bill Takeaways by Bloomberg AI When 25-year-old restaurant worker Navjot Singh wanted an iPhone he couldn’t afford on his monthly salary of 50,000 Indian rupees ($521), taking out a small loan made the purchase possible. A PlayStation and television set followed, along with loans for a wine and spirits course and a trip home. Soon, repayments were eating up nearly half of Singh’s paycheck.

India’s Middle Class Spending Boom Comes With Growing Debt Bill Takeaways by Bloomberg AI When 25-year-old restaurant worker Navjot Singh wanted an iPhone he couldn’t afford on his monthly salary of 50,000 Indian rupees ($521), taking out a small loan made the purchase possible. A PlayStation and television set followed, along with loans for a wine and spirits course and a trip home. Soon, repayments were eating up nearly half of Singh’s paycheck. To keep up with the bills, Singh cut back on eating out and buying clothes, canceled his gym membership and eventually gave up playing snooker.
India (LOCATION) Bloomberg AI (ORG) Navjot Singh (PERSON) iPhone (ORG) Singh (PERSON)
Originally published by Bloomberg Markets Read original →

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