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Think India
Vinay Rai
William L. Simon

You meet ‘a slumbering giant’ awakening, in Chapter 3 of Think India by Vinay Rai and William L. Simon ( www.penguin.com). “India’s six million luxury consumers are now f uriously shucking out some $15 billion a year for diamond-encrusted watches, flashy cars, designer clothing, pricey cosmetics, perfumes, and high-tech gadgetry from digital cameras to Internet-connecting phones. Swarovski, for one, was so enthralled when sales doubled at its 11 stores in India during 2004 that it quickly opened 19 more.” The authors find, for instance, that Mumbai has more homes valued at over $1 million than anywhere else in the world. On the ground level, the boom in India’s economy and its disposable incomes was triggered in the heart of the Mumbai financial and banking world, trace Rai and Simon. “Here is where the banking system spawned a revolution of its own, by extending billions of dollars in personal credit. They don’t call it a retail loan or buying on credit; they call it the disarming, less threatening EMI, for ‘equated monthly instalment.’”

Easy narrative of a happening phenomenon.

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