education, health, and clothing and footwear as a percentage of total consumption expenditure from FY12 to FY19, Care Ratings said in a report.
Shifts in income, family structures and increased urbanization prompt households to expand budgets on categories over and above essentials such as food and beverages, according to the report.During FY12-19—the share of private final consumption expenditure on health grew at a compound annual growth rate (CAGR) of 16.4%, while that on education registered a CAGR of 16%.
Private final consumption expenditure on food and non-alcoholic beverages reported a CAGR of 11.4%. To be sure, share of spends on food and non-alcoholic beverages continue to be the largest chunk of household expenditure in India.