“Report: India Anticipates 100 Million Affluent Citizens by 2027 in Economic Boost”
India, currently the world’s fifth-largest economy, is poised to claim the third spot by 2027, according to a report by the International Monetary Fund. In a significant revelation, a Goldman Sachs report released on Friday predicts that India’s affluent class is set to reach 100 million by 2027, emphasizing the surge in purchasing power and economic growth in the country.
India, currently the world’s fifth-largest economy, is poised to claim the third spot by 2027, according to a report by the International Monetary Fund. In a significant revelation, a Goldman Sachs report released on Friday predicts that India’s affluent class is set to reach 100 million by 2027, emphasizing the surge in purchasing power and economic growth in the country.
The Goldman Sachs report underscores the remarkable rise in the purchasing power of high-earning Indians over the past decade, attributing it to robust economic growth, a stable monetary policy, and high credit growth. The number of affluent Indians, earning above $10,000 (₹8.28 lakh) annually, has surged from 24 million in 2015 to an impressive 60 million at present.
India’s ascent to the third-largest economy globally is attributed to its sustained economic growth and stability. The country has witnessed a notable increase in spending power among the middle class, particularly benefiting companies dealing in premium goods such as leisure, jewelry, out-of-home products, and healthcare, as per the Goldman report cited by Bloomberg.
The report highlights the significant surge in the value of financial and physical assets in India over the past three years, with gold and property emerging as crucial stores of wealth. There has been a notable shift in households investing in equities through direct stocks or mutual funds in the last five years, reflecting a changing landscape in wealth creation.
However, the report also points out the existing divide in spending power between the top earners and the middle-income groups in India. Despite the issuance of more than 96 crore debit cards and 9.30 crore Indians having postpaid cell phone connections, the ability to afford a vehicle remains limited to only 3 crore Indians.
The increasing wealth and economic expansion in India signify a dynamic shift in consumer behavior and financial patterns. As the country continues its upward trajectory, the focus on narrowing economic disparities and fostering inclusive growth remains critical for sustained development.
India’s journey toward becoming the third-largest global economy and the simultaneous growth of its affluent class underscore the evolving economic landscape, with implications for businesses across various sectors. The coming years are poised to witness transformative changes as India continues to solidify its position on the global economic stage.
Sources By Agencies
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