All this is symbolic of the invasion of the nouveau riche. There is nothing wrong with the New Rich, they are a dynamic layer of an emerging economy. The problem lies in their ostentatious spending habits, even more condemnable when this vulgar display of wealth coexists amidst such poverty and deprivation. Consumerism is the new brahman. People shop till they drop, spend till they are spent and party all night long. "Keeping up with the Joneses" is the magic mantra of upward mobility. Functions are becoming more ostentatious by the day, with nouveau riche ingenuity focused on novel ways to upstage rivals. Husbands and wives buy black diamonds, bejewelled watches and designer clothes, while teenagers sashay on the catwalk of their youth, spending not pocket money, but "guilt money" supplied by parents who have no time to invest in bringing up their children. Which in itself is mystifying. Where is all this money coming from? All indicators show our economy is down. Growth rate has slowed, stockmarkets are down and agricultural economy has slumped.
Yet, how is that a broadening layer of Indians have so much disposable income? There appears to be a thriving parallel economy. It reminds me of Pakistan, where there is a booming parallel economy even though the state has been virtually bankrupt for over a decade. Experts say Pakistan’s parallel economy is fuelled by smuggling, arms and drugs. No one’s quite sure what is fuelling liberalised India’s parallel economy that is resulting in this mega spending. Some say, liberalisation has expanded and deepened the layer of wheeler-dealers. In the old days, they fixed government contracts, now they fixMNC deals.
But there are others who warn even the spending is fake. Big shopping malls are crowded with shoppers. Apparently, many of them are sight-seers or the trendy wanting to be seen shopping, even if they aren’t. Often, one genuine shopper is accompanied by a troupe of relatives or friends, all making an outing of what once used to be a routine activity. And then it seems it’s not just teenagers who sport fake Benetton and Nike labels. Even the celebrities and nouveau riche socialites often fake fancy international labels. So it’s not exactly the Armanis, Guccis and Piagets, but the Chinese, Korean and Ludhianvi fake artists who are thriving on the insecurities of the Indian nouveau riche.