WEF releases report ‘Future of Consumption in Fast-Growth Consumer Market – India’
The World Economic Forum (WEF) has recently released its latest report titled ‘Future of Consumption in Fast-Growth Consumer Market – India’. The report stated that 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 at present to $6 trillion by 2030. With the annual GDP growth rate of 7.5%, 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. As per the report, growth in income will transform India from a “bottom of the pyramid economy” to a middle class-led one. The report produced in collaboration with Bain & Company builds on consumer surveys conducted across 5,100 households in 30 cities and towns in India, and draws from more than 40 interviews with private and public-sector leaders.