India has the world’s fastest growing democratic economy, with annual GDP growth between 7-9%. Industry sectors such as telecommunications, retail, aviation and transportation, infrastructure, clean technology, pharmaceutical and bio-sciences, and animation, to name a few, are all experiencing growth rates that are unheard-of in North America and Europe.
Some facts about the Indian economy:
- •Today, India is the fifth largest economy in the world. Among the BRIC countries (Brazil, Russia, India, China), India is expected to deliver the highest growth rates over the next 50 years.
- • By 2050, India is expected to be the world’s largest economy, surpassing the United States by 2040 and China by 2050.
- • India has over 220 million households with more than 30% of the population living across 5,000 cities and towns
- • Half of India’s population, or over 550 million is under the age of 25 which has fuelled demand for consumer goods. Regional growth in India has also been driven by more local demand less reliance on exports
- • By 2025, India will have 25% of the global workforce with the average age which constitutes about 600 million people.
The growth in India’s consumer market will be primarily driven by a favorable population … translates into increasing consumer demand but also into a more value-conscious demand.