Daily News - Thursday, 12 February 2026

India will have 499 consumer cities by 2035, compared to 53 in the US and 112 in Europe (World Economic Forum)

India’s consumer growth is undergoing a massive urban shift, with 93% of new urban consumer class growth decentralizing outside the five largest cities (New Delhi, Mumbai, Bengaluru, Kolkata, and Chennai) through 2040. By 2035, India will have 499 consumer cities (where 75% of the population spends at least USD $13 (INR ~1,080) per day), more than double today’s number, compared to 53 in the US and 112 in Europe; only China will surpass India with 190 such cities. In 2026, the average Indian spends USD $1,927 (INR ~1.6 lakh) annually, while a New Delhi resident spends USD $3,265 (INR ~2.7 lakh) — nearly 70% higher than the national average, with housing costs at 31% of spending compared to 14% nationally. By 2036, India’s middle class and affluent consumers will account for 93% of all spending, up from 80% in 2026, with over 20% of each generation (Boomers, Gen X, Millennials, Gen Z) spending USD $45 (INR ~3,780) per day. The World Data Lab projects that by 2040, India will have 149 cities with at least 500,000 consumers, compared to 53 in the US, highlighting India’s rise as the world’s second‑largest consumer market after China. The report emphasizes that businesses must adopt decentralized strategies, moving beyond megacities to capture growth in hundreds of emerging urban centers, where consumption patterns will increasingly mirror those of New Delhi.

Indian Finance Minister Nirmala Sitharaman presented Union Budget 2026-27, focusing on agriculture, fisheries, animal husbandry, and bio‑pharma (One India)

Finance Minister Nirmala Sitharaman presented the Union Budget 2026–27 in the Lok Sabha, stressing strong support for agriculture, fisheries, animal husbandry, and bio‑pharma as pillars of rural livelihoods and food security. She said these sectors are being strengthened to ensure long‑term economic resilience, especially amid global uncertainty and shifting geopolitical equations. The Budget speech was delivered in a tense House, with sharp opposition attacks led by Rahul Gandhi, who criticized the India–US trade deal as compromising national interests. Sitharaman continued her address despite disruptions, with Treasury benches rallying behind her, while Parliamentary Affairs Minister Kiren Rijiju announced the government would seek authentication of Gandhi’s remarks and press for expunging what it called false allegations. The Budget is being positioned as both an economic roadmap and a political rebuttal, with emphasis on sectoral priorities like bio‑pharma innovation, rural employment, and food security. The government framed the speech as a detailed response to economic criticism and broader political charges, keeping the focus firmly on policy intent and rural development priorities.

Rolls‑Royce plans India’s Global Capability Centre as its largest global base for defence, aerospace, and naval propulsion innovation (India Today)

On February 12, 2026, Tufan Erginbilgic, CEO of Rolls‑Royce, met Prime Minister Narendra Modi in New Delhi to discuss scaling up operations in India under the Viksit Bharat vision. The company plans to expand its Global Capability Centre (GCC) in India to become the largest worldwide, co‑create complex manufacturing projects, and build high‑value engineering capabilities. PM Modi welcomed Rolls‑Royce’s enthusiasm to partner with India’s innovative and dynamic youth. The meeting signals Rolls‑Royce’s intent to treat India as a home market, deepening long‑term commitments across defence, aerospace, and naval propulsion. Rolls‑Royce India’s Executive Vice President Sashi Mukundan also joined the discussions, highlighting the company’s focus on advanced engineering and local talent development. Analysts note this aligns with India’s push for Make‑in‑India and Atmanirbhar Bharat, strengthening domestic manufacturing while attracting global technology leaders.

SIAM President Shailesh Chandra said India can become a trusted, tech‑led automotive supplier (Times of India)

Minister for Heavy Industries and Steel, H. D. Kumaraswamy said India is sharpening its global trade strategy to boost manufacturing competitiveness, speaking at an ACMA (Automotive Component Manufacturers Association) event. He highlighted India’s calibrated engagement with the US and EU, designed to improve market access and enhance competitiveness for Indian manufacturers. On the India–US trade front, Kumaraswamy pointed to commitments on preferential access for select automotive components and easing of certain restrictive measures. Regarding the India-EU trade deal, he said talks are focused on non‑tariff barriers, regulatory cooperation, and aligning standards in sustainability and advanced automotive technologies. Shailesh Chandra, President of SIAM and MD & CEO of Tata Motors Passenger Vehicles, added that India has a rare opportunity to position itself as a trusted, high‑quality, tech‑led automotive supplier, but this requires close alignment between government, OEMs, and the component industry. He emphasized that global supply chains are now shaped not just by cost efficiency, but also by resilience and speed, making India’s trade strategy critical for long‑term competitiveness.