India will be world’s third largest consumer market by 2030: WEF

  • 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.

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