A recent analysis estimates that India’s consumer spending on products stands at US $ 1.29 trillion in 2024 and will rise to 7 per cent during the next five years.
S&P Global Market Intelligence’s most recent projection states that the enormous sales potential in the Indian market has also given “in-market, for-market” arguments for manufacturing investments in the nation.
S&P Global Market Intelligence estimates that India’s consumer spending on goods will reach US $ 1.29 trillion in 2024, with inflation-adjusted growth of 4.8 per cent over the previous five years and a projected 7 per cent increase over the next five years.
Particularly notable is the growth acceleration in export-oriented businesses like apparel which is projected to have a growth of 9.5 per cent over the next five years.
Using their distinct value propositions, emerging markets like India have successfully drawn investment and increased exports in order to compete with government support for domestic manufacturing and the application of rules of origin to protect their economic interests in developed economies, the report stated. India’s economy is expected to grow at the quickest rate in the next three years and rank third in the world by 2030.
