Mumbai, January 9: A report by World Economic Forum today said that India is set to become the world's third largest consumer market behind the only USA and China by 2030.
The report said consumer spending in India is expected to grow from 1.5 trillion US dollar at present to six trillion US dollar by 2030. The report said that with the annual GDP growth rate of 7.5 percent, India is currently the world's sixth largest economy.
Total consumer spending in India is expected to more than double to $3.1 trillion by 2030, from $1.4 trillion in 2017, according to our research. The new middle class will account for nearly 60%, or $1 trillion, of the $1.7 trillion increase anticipated in India by 2030. India’s economic success goes hand in hand with its increased openness and globalization.
While India’s economic opportunity is substantial at a national level, it is even more impressive at the city level. Seventeen of the 20 fastest-growing cities in the world over the next decade will be in India, with Bengaluru, Hyderabad and Chennai among the strongest performers. Agra, home to the stunning Taj Mahal and one of India’s most important tourism centres, is anticipated to have the fastest-growing middle class out of the 103 global cities studied.
The report titled 'Future of Consumption in Fast-Growth Consumer Market - India' also noted that growth of the middle class will lift nearly 25 million households out of poverty.