A report by World Economic Forum stated that India is set to become the world’s third largest consumer market behind only USA and China by 2030. The report was titled as ‘Future of Consumption in Fast-Growth Consumer Market – India’.
As per the report, consumer spending in India is expected to grow from 1.5 trillion US dollar at present to six trillion US dollar by 2030. With the annual GDP growth rate of 7.5 percent, India is currently the world’s sixth largest economy.
Source- The Hindu Business Line
Static/Current Takeaways Important For IBPS Clerk Mains Exam:
- The founder and Chairman of WEF- Klaus Schwab.
- WEF Headquarters in Switzerland.