Growing Economy: Achieving 7.2% GDP in FY23 has made India the fastest-growing major economy in the world. India's GDP currently stands at around US$ 3.7 trillion, and is expected to double to US$ 7 trillion by 2030.
Growing Disposable Income: Average household disposable income will grow an average 9.5% annually, from US$ 6,500 in 2022 to US$ 8,300 in 2026 with consumption to reach US$ 1.8 trillion by 2030.
Urbanisation: 37% of Indians are currently residing in urban areas and this number is expected to reach ~50% by 2047. MGI projects India's urban population soaring from 340 million in 2008 to 590 million in 2030.
Youth Population: World's largest Gen-Y population of 808 million youth below 35. With 65% of Indians below the age of 35, and 46.9% below 25, India's young millions are increasing spending on home improvement.
Real Estate Growth: In FY23, India's residential property market saw a 48% YoY increase with the value of home sales reaching an all-time high of US$ 42 billion.
Retail & E-tail: The sector accounts for 10% of the GDP and forecast to touch US$ 1.8 trillion by 2030 with online retail projected to reach US$ 350 billion by 2030.
© WOFX 2023 | All Rights Reserved.