Indians have been cutting back on spending since the beginning of this year. Everything from car sales to moped sales have collapsed. People are going slow on buying things as basic as biscuits and even innerwear, for that matter. Volume growth, or the number of packs sold, of fast-moving consumer goods, has reduced dramatically. This is the paradox of thrift at play. If a substantial section of the population cuts its spending, the income of another section of the population is impacted. This section includes everyone from big businessmen to the mom-and-pop store down the road. Overall, this isn’t good news for the economy.