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India is in the middle of one of the most consequential consumption upgrades in its economic history. Across income levels and geographies, consumers are making choices that would have seemed aspirational a decade ago — choosing premium personal care products over basic alternatives, seeking out branded foods over unbranded commodities, and demanding quality from categories they once engaged with purely on price. It is within this sweeping transformation that investors who track FMCG stocks are finding some of their most interesting opportunities. The premium portfolio expansion evident in the...