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...blistering 115° on a summer Sunday in New Delhi, and it feels as if your head is stuck in a tandoor. But Saurabh Kedia, 22, would never know it. The New Delhi native dips his flat naan bread into a dish of spinach curry in the air-conditioned comfort of a friend's private club. On the table lies Kedia's prized possession, an Ericsson feature-loaded mobile phone with PDA-like functions that cost him nearly $400, almost as much as an average Indian earns in a year. That night he plans to watch X2: X-Men United...

Author: /time Magazine | Title: India: Hey, Big Spenders | 8/25/2003 | See Source »

...jobs in a host of emerging industries that barely existed in India three years ago: retail chains, fast-food restaurants, mobile-phone companies and especially call centers, data-processing firms and other businesses that do "back office" work for U.S. companies. KSA Technopak, a management-consulting firm in New Delhi, estimates that these young adults command $10.5 billion in cash to burn. The spending of these college grads is rising about 12% a year--more than twice the pace of the economy's growth...

Author: /time Magazine | Title: India: Hey, Big Spenders | 8/25/2003 | See Source »

...cutting edge of this consumer boom is on full display in Gurgaon, a satellite city south of New Delhi that is rapidly developing into mall-rat heaven. Since December, three mammoth, glitzy malls have opened their doors there, crammed with a collection of stores airlifted straight from America's suburbs--Nike, Benetton, Pizza Hut, Subway sandwiches, even a showroom for Bose audio systems. Two multiplex theaters show such Hollywood hits as The Matrix Reloaded. Five more malls nearby are in the works...

Author: /time Magazine | Title: India: Hey, Big Spenders | 8/25/2003 | See Source »

...next. He tagged along with a friend visiting a call center. The recruiter there asked if he would interview for a job, and he scribbled out a resume on the spot. His first task was troubleshooting for U.S. computer-maker customers over the phone, working all night in New Delhi to help Americans with their PCs during the day. Since then, Kedia moved to a similar company and has been promoted twice to manager. His salary has quadrupled to $6,200 annually--a treasure in a country where the per-capita income is only $470--and he believes it will...

Author: /time Magazine | Title: India: Hey, Big Spenders | 8/25/2003 | See Source »

Typical of the new trend is Samit Kapoor, 28, an assistant manager at Exl Service, a call center near New Delhi. Last year Kapoor took a mortgage to buy a two-bedroom apartment, and this year he purchased a car, a Hyundai Santro, for about $7,000. Four times a month, Kapoor visits New Delhi's top restaurants, among them Italian bistro Flavors or Indian-food specialist Bukhara, dropping as much as $40 a meal. In the process, he ran up about $4,200 in credit-card debt, spread over three cards. Since getting married six months...

Author: /time Magazine | Title: India: Hey, Big Spenders | 8/25/2003 | See Source »

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