From GDP growth to surge in equities and consumer spending

Rise of the Phoenix – India Soars Towards Global Dominance

Fuelled by sizzling GDP growth of more than 7 percent in FY23 and projected to rise in FY24, India’s economic firecracker is ready to ignite the world stage. Already the fifth largest economy (surpassed the UK in FY22), India’s sights are set on the coveted number three spot by 2027, according to market estimations.

Rising Middle-Class Prowess

In India, the upper 4 percent of the working-age populace boasts a per capita income surpassing ~$10,000 annually, as against the national average of ~$2,100. Propelled by increasing incomes and booming ecommerce, per capita income is projected to soar to an impressive $5,000 by 2030, showcasing significant financial strides in both segments.

Consumer Confidence Soars

Forget the budget blues; India’s top earners are splurging like never before! Various reports from the Centre for Monitoring Indian Economy (CMIE) and Reserve Bank India’s (RBI) reports on credit and spending reveal that travel takes centre stage, with a 25 percent surge in bookings compared to last year, fuelled by a 42 percent rise in wellness retreats and luxury getaways. Dining goes gourmet, with a 38 percent increase in premium meal orders, where curated experiences trump everyday meals. Bolder bling is trending, too, with a 20 percent jump in statement jewellery pieces and a healthy 15 percent rise in gold investments. And it’s not just indulgences—healthcare sees a 22 percent increase, driven by a focus on preventive care. With double-digit income growth fuelling this spending spree, expect these trends to soar even higher.

Urbanisation Blitz

At around $1.5 trillion, the infrastructure spending spree and smart city investments lay the foundation for a booming economy.

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