News > FM Sitharaman hails rise in credit-driven consumption in rural India

FM Sitharaman hails rise in credit-driven consumption in rural India

Finance Minister Nirmala Sitharaman has lauded the meteoric rise in credit-driven consumption in small cities and towns, calling it a “revolutionary shift” made possible due to the Pradhan Mantri Jan Dhan Yojana (PMJDY). A definitive surge has been reported in household consumption in tier 2, 3 and 4 cities and beyond, evidenced by the sales growth of two-wheelers, ACs, refrigerators, smartphones and FMCGs in small towns and cities.