With some 6 million people added to payrolls over the past two years, and with compensation gains well in excess of inflation, consumers have had the means to boost their spending appreciably.
While the US dollar has appreciated by 11.8 per cent during the current financial year so far, the INR has depreciated by 5.1 per cent, which is among the lowest in the world. The RBI is in the market 3  on a regular basis, providing liquidity and confidence so as to facilitate its smooth and normal functioning. 7.