In absolute terms, total credit card spending has become large now. In absolute terms, the total spending through credit cards has almost tripled in the last 5 years. In FY25, the total spending through credit cards was over 6% of GDP or ₹21 trillion (US$250bn) in absolute terms. And almost 100% of the credit card payments are final household

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Real private final consumption expenditure has been averaging at 3.5-4 per cent over the past five years despite the exuberant leveraged spending. And while the contraction in financial savings was seen as a sign of improving household confidence, it ironically accompanied a languid actual consumption, indicating faltering real incomes.

Indeed, the

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