Till last year, there were about six malls in the country. In 2003, though there has been an explosion and over 20 malls sprung up in places ranging from Mumbai to Gurgaon, near Delhi, and even one in Ludhiana.

In the next three years, over 200 malls are expected to dot India's urban landscape. Part of this explosion of malls is attributed to growing spending by consumers. Sales of automobiles and cell phones have risen tremendously. Attitude toward money is also fast changing.

Young Indians are spending more than ever. Indians spent 55 per cent more money eating out this year than they did last year. They are also willing to take on more debt. In the past two years, the number of new credit cards issued has jumped 25 per cent annually.

The pattern of household savings that forms the largest composition of aggregate savings in India too is changing. This year's annual report by the Reserve Bank of India says that over 52 per cent of the total household savings are in the form of physical assets compared to 44 per cent in the early nineties.

But the Indian consumer does not seem to be complaining. Like the Americans he is learning to live on tomorrow's money.

Text: Priya Ganapati

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