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Exhibit 20: India’s personal consumption expenditure per capita is just US$1,012, 1/3 of China’s.

Spending is focused on basics; 27% of PCE is fresh food.

June 1, 2016
Goldman Sachs Global Investment Research

Personal consumption expenditure (PCE) along 7 consumer desires, 2015

Per capita PCE India China Korea Japan US


US$1,012 US$3,005 US$12,598 US$18,515 US$37,206
0%
Looking Clothes and footwear (ex‐sportswear) Clothes and footwear (ex‐sportswear) Clothes and footwear (ex‐sportswear)Clothes and footwear (ex‐sportswear)
Clothes and footwear (ex‐sportswear) Cosmetics and personal care
better Cosmetics and personal care
Cosmetics and personal care Cosmetics and personal care Jewelry Jewelry
Jewelry Cosmetics and personal care Jewelry Packaged food
10% Packaged food Packaged food Fresh food
Packaged food Jewelry Non‐alcoholic beverage
Alcoholic drinks
Tobacco
Packaged food Fresh food Fresh food
20% Non‐alcoholic beverage
Non‐alcoholic beverage
Alcoholic drinks Alcoholic drinks
Eating Tobacco Tobacco
Housing
better Fresh food Fresh food
30% Housing
Housing Financial services
Non‐alcoholic beverage Utilities
40% Alcoholic drinks Household appliances
Non‐alcoholic beverage Tobacco Financial services
Alcoholic drinks
Tobacco
Utilities Other household goods
Household appliances Financial services
Housing Other household goods Utilities Automobiles
50% Housing
Better Automobiles Household appliances
Ground transportation
home Other household goods incl. petrol
Ground transportation
Financial services Financial services incl. petrol
Automobiles Handset and telecom services
60% Utilities
Household appliances Utilities Handset and telecom services

Other household goods Household appliances Ground transportation Food services


incl. petrol
Automobiles Other household goods Food services Out of town trips

70% Automobiles Handset and telecom services


Mobility and Ground transportation Ground transportation Out of town trips
connectivity incl. petrol
incl. petrol Food services
Others (mainly games/gaming, media
Handset and telecom services Out of town trips
and sports) Healthcare
80% Handset and telecom services Food services Others (mainly games/gaming, media
Food services
and sports)
Having Out of town trips Out of town trips
more fun Others (mainly games/gaming, media and sports) Others (mainly games/gaming, media and sports) Healthcare

90% Healthcare Education Healthcare


Healthcare Education Education
Well‐being Education
Insurance and social protection Insurance and social protection

India Consumer Close-up


Education Insurance and social protection Insurance and social protection
Others Insurance and social protection
100% Others Others Others Others

Note: Luxury is included within the 6 desires above.

Source: Euromonitor, CEIC, Goldman Sachs Global Investment Research.


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