Franklin Templeton’s latest thematic report, Beyond Necessities: India’s Affluence-Driven Growth put numbers to a shift already visible in India’s shopping baskets. Indians are no longer spending only to meet basic needs. The report said this transition, powered by higher incomes, urban migration, and easier access to credit, was reshaping the economy’s core demand engine.

India’s nominal GDP, Franklin Templeton projected, would grow at 11% annually between FY24 -FY30, taking the economy to about $7.3 trillion or Rs 6,28,000 lakh crore. Consumption was expected to contribute nearly 60% of that growth, putting India among the top three consumer markets globally by FY26.

The fund’s flagship Franklin India Opportunities Fund (FIOF) already carried a 30% exposure to this “rising affluence” t

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