This is becoming the mantra in India post-pandemic: A lender whose portfolio of unsecured retail loans isn’t growing 50% annually is simply not trying hard enough. Banks and non-bank lenders of all kinds are adding credit to household balance sheets, even though the consumer economy is fragile: a small minority who can afford luxury goods are in great financial condition, but those with low incomes, especially Outside major cities, two-wheeler purchases and smartphone upgrades are struggling.