India Growth Story
- India’s huge US$ 2.7 trillion economy is being fuelled by a consumption boom where private consumption accounts for 60% of India's GDP.
- Domestic consumption is expected to be ~$3 trillion by 2030, according to the World Economic Forum (WEF).
- WEF states that by 2030, India will add 130 million middle-income households and 21 million high-income households, overall doubling the share of these households to 51%.
- The latest estimates of national income for FY19 shows that consumption grew by 12.0% (in current prices) in FY19 compared with 10.6% in FY18.
- By 2024, India's e-commerce industry is expected to increase by 84% to US$ 111 billion, driven by mobile shopping, which is projected to grow at 21% annually over the next four years.
- With over 65% of the population below the age of 35, and 46.9% under the age of 25, India’s young millions are increasingly spending on home improvement.
- India is the world’s 5th largest consumer market and growing bigger every year.