India’s consumption up-cycle is breaking out, driven by rising rural incomes, recent tax-cuts, GST rate reductions and strong festive-season demand. Retail sales, auto bookings and consumer-durables demand are showing signs of durable momentum. Analysts say the trend is visible in multiple data-points and may shift the growth model from investment-led to consumption-led. Although markets have partially priced this in, further upside depends on income flows and inflation staying manageable.