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India’s GDP could more than double from USD 3.5 trillion today to surpass USD 7.5 trillion by 2031. India is at a point where China was 15 years ago in terms of per-capita income and working-age population, giving India a clear demographic advantage in terms of sustaining higher terminal growth rates. India’s private consumption is expected to more than double to USD 4.5 trillion by the end of this decade, says a report released by Sundaram Alternate Assets.
Here are the other key highlights of the reports:
- India is currently the 5th largest stock market in terms of market cap in the world vs 10th from a decade ago, behind the USA, China, Japan, and Hong Kong. India is poised to become the world’s 3rd largest economy and stock market by the end of this decade
- Four major themes - consumer discretionary, financial inclusiveness, phygital and manufacturing would emerge as outliers
- India’s next decade of growth would be very similar to China’s path of growth from 2007-2011
- Consumer discretionary spending is gaining share in total consumption, as per-capita GDP has crossed the important US$2,000 mark
- The number of households earning more than US$35,000/year is likely to rise fivefold in the coming decade to over 25 million