Conference: India at 2047: The Consumer Story
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About event
India is one of the fastest growing economies of the world and is poised to continue on this path, with aspirations to reach high middle-income status by 2047, the centenary of Indian independence. India is now the fifth-largest economy with a GDP just passing the USD 4 trillion mark in November 2023.
As per the World Economic Forum’s report on the Future of Consumption (2019), India will add around 140 million middle-income and 21 million high-income households by 2030. Upper middle-income and high-income households will drive 61% of the consumption in 2030 compared to 37% in 2018.
The median age of the Indian population is projected to be 31 in 2030 compared to 42 in China and 40 in the US, thereby making India a country with the largest working-age population in the world. And by 2030, 90 million new households will be headed by millennials.
With a large domestic consumption base, seventh-highest final consumption expenditure in the world, private consumption and government consumption making up over 70% of the GDP, and per capita income poised to grow at rapid rates, the scale and emerging consumption patterns that India could offer over the next quarter of the century are immense. For instance, in line with this, the private sector has seen a boom in demand across segments such as FMCG, retail, real estate and tourism or, banking, fintech, aviation, automotives and others often requiring innovative solutions and products (ex: digital payments, etc.).
UKIBC’s India by 2047 Conference will focus on the rapid growth and dynamism of the Indian market across multiple segments of consumer-driven opportunities for businesses – with a view towards highlighting why UK businesses will benefit from trade and FDI with India.
