Tap into India’s Consumption story with HDFC Nifty India Consumption INDEX FUND

Last Updated On: 9 Apr 2026

Created On: 9 Apr 2026

5 min read

Tap into India’s Consumption story with HDFC Nifty India Consumption INDEX FUND

Consumption is one of the drivers of the Indian economy. From the toothpaste and the soap one uses each morning, to our vehicles, to the energy powering our houses - consumption-led brands form an integral part of everyday life. Our daily choices collectively drive a significant portion of India’s economic growth with private final consumption expenditure aggregating to ~ 60% of GDP (Source: IBEF, PIB - Jan 30, 2026). Increased spending across several categories means numerous listed companies across sectors could benefit from the long-term potential of the consumption theme.

Along with being a priority in recent government policies, domestic consumption is likely to benefit amidst supportive tailwinds.

Income tax relief to boost disposable income

GST rate rationalization that positively impacted sectors like Autos, Consumer Staples, Con-sumer Durables, Footwear and Apparel, etc. (Source: PIB)

RBI rate cuts make loans cheaper

Good monsoon and lower inflation may help to boost consumers’ purchasing power (Source: CMIE)

Looking for an opportunity to invest in growing domestic consumption? You may consider investing in the HDFC Nifty India Consumption Index Fund!

The scheme will invest in companies forming part of the Nifty India Consumption Index. Stocks in the index are selected from sectors like Consumer Non-durables, Healthcare, Auto, Telecom Services, Pharmaceuticals, Hotels, Media & Entertainment etc.^

^For detailed methodology and list of eligible basic industries, please visit www.niftyindices.com

A number of factors may drive India’s consumption in the coming decades

India's consumption is at an inflection point: For example, countries like China saw a sharp acceleration in consumption after crossing the US$2,000 mark in per capita income in 2006. India’s per capita income crossed the US$2000 level in 2019. Rise in per capita in-come can lead to increasing wallet share on discretionary spending.

Demographic Dividend: India has the largest and one of the youngest populations in the world with a declining dependency ratio.

Premiumization: Changing income pyramid and higher disposable income may lead to premiumization

Formalization: Shift from unorganized to organized at a faster pace on account of factors like Demonetization, GST, Corporate tax cuts and digitization

Digitization: Changing consumption landscape may help improve access to products and services

The Nifty India Consumption TRI has outperformed the Nifty 50 TRI over long time horizons

Views expressed herein as on Feb 10, 2026 involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied herein. Stocks/Sectors referred are illustrative and should not be construed as an investment advice or a research report or a recommendation by HDFC Mutual Fund (“the Fund”) / HDFC AMC to buy or sell the stock or any other security covered under the respective sector/s. The Fund may or may not have any present or future positions in these sectors. HDFC Mutual Fund/ HDFC AMC is not indicating or guaranteeing returns on any investments. Readers should seek professional advice before taking any investment related decisions.

Index and Commodities Performance Tracker

(% returns, as at 31st January, 2026)

Source: MFI360 Explorer, Morningstar, Bloomberg, internal calculations.

Past performance may or may not be sustained in future and is not a guarantee of any future returns.

Disclaimer: The data/statistics is given for general information purposes only and is not an investment advice. Neither HDFC AMC / HDFC Mutual Fund nor any person connected with them, accept any liability arising from the use of this document. The recipient(s) before acting on any information herein should make his/her/their own investigation and seek appropriate professional advice. § Year to date. ∑ Financial year to date. *Gold and Silver prices in INR do not include any customs duties, local taxes etc. Returns less than 1 year period are simple and greater than 1 year period are compounded annualized (CAGR)

Date of Release: February 05, 2026

Riskometer as on January 31, 2026. #For latest riskometer, investors may refer to the Monthly Portfolios disclosed on the website of the Fund viz. www.hdfcfund.com

Riskometer as on January 31, 2026. #For latest riskometer, investors may refer to the Monthly Portfolios disclosed on the website of the Fund viz. www.hdfcfund.com
πInvestors in the Scheme shall bear the recurring expenses of the Scheme in addition to the expenses of other schemes in which this Fund of Fund scheme makes investment (subject to regulatory limits).

NIFTY Disclaimer: HDFC Nifty India Consumption Index Fund "(the Product)" offered by HDFC Asset Management Company Limited is not sponsored, endorsed, sold or promoted by NSE INDICES LIMITED (formerly known as India Index Services & Products Limited (IISL)). NSE INDICES LIMITED does not make any representation or warranty, express or implied (including warranties of merchantability or fitness for particular purpose or use) and disclaims all liability to the owners of the Products or any member of the public regarding the advisability of investing in securities generally or in the Product linked to Nifty India Consumption Index (TRI) or particularly in the ability of the Nifty India Consumption Index (TRI) to track general stock market performance in India. Please read the full Disclaimers in relation to Nifty India Consumption Index (TRI) in the SID of the Product.

The Scheme being thematic in nature carries higher risks versus diversified equity mutual funds on account of concentration and theme specific risks.

NSE Disclaimer: The above mentioned Schemes offered by HDFC Asset Management Company Limited (HDFC AMC) having benchmark as NSE Indices are not sponsored, endorsed, sold or promoted by NSE INDICES LIMITED (formerly known as India Index Services & Products Limited (IISL)). NSE INDICES LIMITED does not make any representation or warranty, express or implied (including warranties of merchantability or fitness for particular purpose or use) and disclaims all liability to the owners of the Products or any member of the public regarding the advisability of investing in securities generally or in the Products linked to the respective underlying indices of NSE to track general stock market performance in India. Please read the full Disclaimers in the Offer Document of the Products.

BSE Disclaimer: The above mentioned schemes of HDFC AMC having benchmark as BSE Indices are based on the underlying indices of BSE. BSE® and SENSEX® are registered trademarks of BSE Limited. The Schemes is not sponsored, endorsed marketed or promoted by BSE or their respective affiliates. Please refer to the Scheme Information Document for disclaimers.

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CRISIL Disclaimer and Copyright Notice: “© CRISIL Limited. All Rights Reserved Each CRISIL Index (including, for the avoidance of doubt, its values and constituents) is the sole property of CRISIL Limited (CRISIL). No CRISIL Index may be copied, retransmitted or redistributed in any manner. While CRISIL uses reasonable care in computing the CRISIL Indices and bases its calculation on data that it considers reliable, CRISIL does not warrant that any CRISIL Index is error-free, complete, adequate or without faults. Anyone accessing and/or using any part of the CRISIL Indices does so subject to the condition that: (a) CRISIL is not responsible for any errors, omissions or faults with respect to any CRISIL Index or for the results obtained from the use of any CRISIL Index; (b) CRISIL does not accept any liability (and expressly excludes all liability) arising from or relating to their use of any part of CRISIL Indices.

The views are based on internal data, publicly available information and other sources believed to be reliable. The statements contained herein are based on our current views and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Stocks/Sectors referred are illustrative and not recommended by HDFC Mutual Fund (“the Fund”)/ HDFC AMC. The Schemes of the Fund may or may not have any present or future positions in these sectors. It should not be construed as an investment advice or a research report or a recommendation by the Fund/HDFC AMC to buy or sell the stock or any other security covered under the respective sector/s. The Fund/ HDFCAMC is not guaranteeing any returns on investments made in the Scheme(s). Past performance may or may not be sustained in future and is not a guarantee of any future returns. HDFC Asset Management Company Limited (“HDFC AMC”) does not warrant the completeness or accuracy of the information herein. Neither HDFC AMC, nor any person connected with it, accepts any liability arising from the use of this material. The recipient(s) should before taking any decision, should make their own investigation and seek appropriate professional advice.

Date of Release: 2nd March, 2026

MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY.