New Delhi, Sept. 22 -- India's next phase of consumption growth will be driven by households moving into higher income groups, with rising disposable incomes accelerating spending on discretionary goods and services, Finance Minister Nirmala Sitharaman said, urging corporate leadership to look beyond the "formal urban elite."

Addressing the Platinum Jubilee National Management Convention 2026, FM Sitharaman said lower youth dependency and greater longevity will shift household budgets towards "healthcare, personal wellness, consumer durables and quality services."

"The next phase of consumption will be driven by upward mobility into brackets where discretionary spending accelerates," the FM said, stressing that "corporate leadership mus...