Nestlé India Chairman and Managing Director Manish Tiwary said the top end of India’s consumer market continues to remain resilient despite pressure on urban middle-class spending, as the company maintains annual capital expenditure of more than ₹2,000 crore to expand domestic manufacturing.The top end of India’s consumer market continues to remain resilient despite pressure on urban middle-class spending, Nestlé India Chairman and Managing Director Manish Tiwary said on Tuesday, while acknowledging its ongoing ₹2,000 crore capex to expand domestic manufacturing capacity.Speaking at the Citi India Conference 2026, Tiwary described India as an increasingly “three-speed” consumption market, where affluent consumers continue to spend aggressively, rural demand remains structurally healthy, and middle-income urban households are turning more cautious amid inflationary pressures.“In my opinion, the consumer growth story is as intact and as solid as it has ever been,” Tiwary said. “The top end is very resilient and I see that continuing to grow. The challenge is more in the urban middle.”Tiwary said the top 30–40 million consumers in India continue to show strong spending appetite across sectors such as automobiles, housing and premium consumption, while rural India has continued to outpace urban markets over the past three years.The pressure point, according to him, remains middle-income urban consumers whose real income growth has lagged inflation, prompting a “wait-and-watch” approach towards discretionary purchases.