India is an emerging economy with a growing middle class with 45 crore people expected to be added to this category in the next 15 years.

• Rise in middle class population leads to increased discretionary income, which is the portion of individual’s income that is left after spending on necessities like food and rent
• This income gets spent on luxury items like skin care products, branded clothes, entertainment, etc
• Expected increase in discretionary spending over the next decade will directly affect categories like transportation, food & beverage, education, entertainment & leisure facilities

This smallcase includes companies that are expected to benefit from the growth in the Indian middle class.