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India will be the world's third largest consumer market by 2030: WEF

India will be the world's third largest consumer market by 2030: WEF

The World Economic Forum (WEF) has said on 09 January 2019 that India is emerging as the world's third largest consumer market.

According to the latest report of the World Economic Forum, India will be the third largest consumer market by 2030, after USA and China. This report has been named 'Future of Consumption in Fast-growth Consumer Market-India'.

Main facts of report

  • According to the report, India's consumer market will increase from the present 15 trillion US dollars to 60 trillion US dollars.
  • The report also states that 2.5 crore people will come above the poverty line and thousands of villages and cities will be developed during this period.
  • According to the report, with an annual GDP growth of 7.5 percent, India is currently the sixth largest economy in the world.
  • According to the report, consumption will come from rich, densely populated cities and developed towns. It has called skill development, employment opportunities and socio-economic inclusion in rural areas as a future challenge.
  • In the year 2030, consumption of top 40 cities will be Rs 105 lakh crore and 84 lakh crore in the developed rural areas.
  •  India will be among the youngest countries in the world. There will be more than 100 million Internet users. 2.5 million people will come above the poverty line.

The WEF has prepared this report in conjunction with Bain & Company. For this, 5,100 homes were surveyed in 30 cities. WEF estimated the 2018 China consumer market, which would be Rs 574 lakh crore in the year 2027.

The US market has not been assessed yet, but it will be the largest. At present, India's annual consumer spending is Rs 105 lakh crore. This will be Rs 420 lakh crore in the year 2030

By the year 2030, 14 million people will be in the middle class. Twenty million people will go from middle class to higher income group. These people will spend two to two and a half times more on eating, drinking, clothes, personal care, gadgets, transport and housing. Their expenses on services like health, education and entertainment will increase by 3 to 4 times

World Economic Forum (WEF): The World Economic Forum is a non-profit organization based in Switzerland. Its headquarters are in Geneva. It has been recognized by Swiss officials as an international institution for private-public cooperation. Its aim is to bring together leading people in the business, politics, academic and other areas of the world, to decide the global, regional and industrial aspects.

The most discussed event of this forum is in the annual winter meeting, which is organized at a place called Davos. Participation in this event is done only by invitation and its main point is that in the informal interaction of the participant in this small town, many problems are resolved.

Q.1 Which country has the largest consumer market in the world?
A. China
B. United States
C. Japan
D. India
Ans: United States

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