India - An Overview
- With a population of 1.3 billion inhabitants and median age below 30, India is one of the largest economies in the world.
- India is set to become the world's 3rd-largest economy in the next 5 years from the world's 7th largest at present.
- India is going through a consumption boom with private consumption accounting for 60% of India's GDP.
- Consumption grew by 12% in FY19 vs. 10.6% in FY18.
- World Economic Forum states that by 2030, India will add 130 mn middle-income households & 21 mn high-income households, doubling their share to 51%.
- Currently, India is the 4th largest furniture consuming country and 5th largest consumer market in the world.
- India’s furniture market is expected to reach $32.61 bn by 2018-19 growing at 13.3% CAGR during 2018-2023 touching $ 61 bn by 2023.