According to a recent assessment, India is on pace to surpass big nations and emerge as the global center of consumption. India’s consumption is the fastest growing sector in the world and makes for 56% of the nation’s GDP. According to a survey by Angel One and Iconic Asset, India’s consumption is expected to quadruple by 2034 during the following ten years. The growing number of nuclear households is one of the main causes of rising consumption. Household growth in the country is outpacing population growth, leading to a surge in spending.
India is also expected to take the lead in the global workforce expansion, which will increase economic activity even more. India’s remarkable potential for savings is also highlighted in the report. The savings in the nation totaled $12 trillion between 1997 and 2023. This amount is predicted to increase tenfold over the following twenty-five years, reaching $103 trillion by 2047. Significant prospects for higher expenditure and economic expansion will be made possible by this increase in savings.
The Union Budget’s tax cuts could boost India’s GDP by 1% due to increased spending on discretionary items like electronics, apparel, accessories, and experiences. India’s young population, with more Gen Zers than the US population, is also driving consumption, with 92% of retail trade still happening through small Kirana stores. This presents an opportunity for organized retail expansion.
