India slated to become the third-largest consumer market, according to World Economic Forum

India is slated to become the third-largest consumer market in the world, according to the revered World Economic Forum. The WEF, in it’s finding, also shared that India is now only behind the United States and China where the global consumer market stands. Here’s a statistic that might warrant your attention, regardless of whether you’re a student of economics, a practitioner, a banker, entrepreneur or engaged in any other profession.

The World Economic Forum also shared that where it stands presently, the consumer spending is slated to grow from $1.5 trillion – where it is today- to $6 trillion- in the course of the future.

Now, having said that, do you by when is this growth going to multiply by as much as 4 percent?

Well, here’s what you ought to know.

As early as 2030 is when the consumer spending figure will grow to that astronomical figure. Here are some other interesting numbers as stated in the latest report tabled by the World Economic Forum.

With an annual GDP growth rate of 7.5 percent, at present, India is the world’s sixth-largest economy. And that is not all. By 2030, the domestic private consumption in the country that currently comprises about 60 percent of the country’s GDP will present itself as a $6-trillion worth opportunity.

Now, these are the current projections and findings according to economic indicators and parameters.

And should these be realized, according to the World Economic Forum, only then shall the country become a behemoth, in all fairness and rationality.

Having said that, what lies ahead for the country’s stakeholders and specifically those who are concerned with making these growth projections to their fulfillment?

In a candid quick byte with The Times of India, Zara Ingilizian, who’s the head of consumer industries and member of the executive committee, World Economic Forum, shared that,” as India continues its path as one of the world’s most dynamic consumption environments, private and public-sector leaders will have to take shared accountability to ensure such consumption is inclusive and responsible.”

That said, for a while, it’s been known that India, a tiger economy in its own right is roaring at a fever pitch. And now with the World Economic Forum having reiterated the fact that the developing nation’s economic power is indeed presenting a great opportunity, what truly lies ahead of India is what it can make of itself and how it can present this enormous opportunity to those who’re best capable to leverage it.