India
India will become the consumption capital of the world, claims new report
A new report has revealed India is going to become the consumption capital of the world, media reports said.
The report published by Angel One, Iconic Asset says India will outpace other major economies in the world.
In India, consumption accounts for 56 per cent of the GDP and is the fastest-growing segment of its economy, ANI reported quoting the report.
The report projected that driven by the fastest-growing consumer base in the world, India's consumption is likely to double by 2034.
The report said the household growth in India due to nuclear family trends is outpacing the population spike and this is emerging as the key driver of rising consumption.
Additionally, the report projects that India's savings over the next 25 years will be 10 times of the total savings of the past 25 years, ANI reported quoting the report.
Between the financial year 1997 and 2023 the total savings of India was USD 12 trillion, the report says it will make a 10-fold jump to USD 103 trillion by 2047.
"Consumption spend in US increased 10X during phase of strong rise in per capita income. India can witness similar growth in consumption as per capita income rises," the report said.
The report said every second rupee spent in 2035 will come from a Gen Zer which will boost consumption growth of India.
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