India to become third largest consumer market by 2030 | Current Affairs, Current Affairs 2019

India to become third largest consumer market by 2030

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According to a report from World Economic Forum, India will become the third largest consumer market by 2030.

The report stated that rising income will transform India to a middle class led one from a bottom of the pyramid economy, with consumer spending in the country to grow from the current USD 1.5 trillion to USD 6 trillion by 2030.

Currently India is the sixth largest economy in the world with an annual GDP growth rate of 7.5 per cent and domestic private consumption accounts for about 60 per cent of the GDP. Bottom of the pyramid- also called the base of the pyramid – is a phrase in economics that refers to the poorest two-thirds of the economic human pyramid. With this, the country is expected to emerge as the third-largest consumer market, just behind the US and China, WEF said in a report titled ‘Future of Consumption in Fast-Growth Consumer Market – India’. Rising incomes and the expansion of the middle class and high-income segment will reshape future consumption, the report said, adding that the growth in the middle class will lift approximately 25 million households out of poverty.

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