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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.