India's affluent consumption story is entering a more challenging phase as artificial intelligence begins reshaping white-collar employment. Kunal Vora, Head of India Equity Research at BNP Paribas, says early signs of stress could emerge in entry-level discretionary categories such as quick-service restaurants and credit cards if AI-led disruption intensifies. Even so, policy support, easing interest rates and an expected recovery in corporate earnings should keep consumption resilient, while the brokerage continues to prefer large-cap stocks and sees the Nifty 50 rising to 25,500 by December 2026.
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