India's consumer market is predicted to become the world's third largest by 2027, according to a report by BMI. The country is expected to climb two spots from its current ranking of fifth, with a 29% increase in real household spending. India's household spending per capita is forecasted to outpace other developing Asian economies, with a 7.8% year-on-year growth. The report estimates that India's household spending will exceed $3 trillion, with a compounded annual growth rate of 14.6%. The country's large youth population and ongoing urbanization are driving forces behind increased consumer spending.

The post India’s Consumer Market Set to become the world’s third largest by 2027, behind the U.S. and China appeared first on Balanced News Summary.