India to become third largest consumer market |
With the annual GDP growth rate of 7.5 per cent, India is world`s sixth largest economy. According to a report released by the World Economic Forum, India is set to become world`s third largest economy by the year 2030. India is expected to grow substantially and is set to become the world`s third largest consumer market behind only USA and China by 2030. The report states that consumer spending in India is expected to grow from 1.5 trillion US dollars at present to six trillion US dollar by 2030. The report also noted that growth of the middle class will lift nearly 25 million households out of poverty.
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