WEF: India expected to become world’s third largest consumer market
India is set to become the world’s third largest consumer market by 2030 following the US and China, according to a study by the World Economic Forum (WEF).
India, which is currently the sixth largest consumer market in the world, is expected to move up the ranks to number three by 2030, according to a study by the WEF, as reported by the Press Trust of India. On January 9, the WEF reported its predictions that the Indian economy will see its consumer market grow from a current $1.5 trillion (Rs 9.98 lakh crore) to almost $6 trillion by 2030.
The WEF reported that India has a GDP growth rate of 7.5 percent and, by 2030, domestic private consumption is set to deliver a massive growth opportunity. Private consumption within India currently accounts for 60 percent of the country’s GDP.
"If realised, this would make India's consumer market the third-largest in the world, behind the US and China," read the report. The report, entitled “Future of Consumption in Fast-Growth Consumer Market – India” also cited a number of societal changes currently taking place in India including skill development, employment, the socio-economic inclusion of rural areas, and creating a more sustainable future. These developments are expected to further growth in the consumer market.
The report stated that he middle class will drive consumer growth in India as the demographic increases in both number and wealth. The WEF predicts that India will become a middle class-led economy and will see 25 million households lifted out of poverty.
The report was produced by the WEF in collaboration with Bain & Company and was produced following a survey of 5,100 households spearhead across 30 Indian cities and towns. It also features over 40 interviews with private and public sector leaders.
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