Goods demand fades, services holds out hope

​Overall consumer demand is also expected to come under pressure from tighter monetary conditions and lesser pull from rural India. However, high-end consumption is expected to provide some support. “Inequality is playing out. Wherever there has been recovery, it’s either been heavily biased towards the more affluent and upper-middle tiers or where it has been mass-based, there has been downtrading,” said Abheek Barua, chief economist, HDFC Bank.