China is an outlier, with higher income-expense thrift

In June last year, one in four mobiles used in India was a smartphone, up from one in five just six months earlier. Add in two more facts—India boasts the world’s fastest-growing large economy, and the planet’s biggest population of millennials—and you can see why the likes of Facebook, Amazon, Uber and Google are falling over themselves to establish footholds here. Jeff Bezos, Amazon’s founder, has publicly stated that he wants India to be his second-largest market, after America, and has backed his plans with billions of dollars of investment.

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