India poised to become third-largest consumer market after US and China: WEF
According to World Economic Forum (WEF), with an annual GDP growth rate of 7.5 per cent, India is currently the world's sixth-largest economy. By 2030, domestic private consumption, which accounts for 60 per cent of the country's GDP, is expected to develop into a USD 6-trillion growth opportunity.
The report titled 'Future of Consumption in Fast-Growth Consumer Market - India' noted that growth of the middle class will lift nearly 25 million households out of poverty. Image source: Reuters