- According to the ‘Future of Consumption in Fast-Growth Consumer Market – India’ report by World Economic Forum, India is set to become the world’s third largest consumer market behind only USA and China by 2030.
- As per the report, consumer spending in India is expected to grow from 1.5 trillion US dollar at present to 6 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.
- The report noted that growth of the middle class will lift nearly 25 million households out of poverty.
