India's private consumption almost doubles to $2.1 trn in 2024: Report

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India's private consumption almost doubles to $2.1 trn in 2024: Report - Business Standard

Quick Summary:

India's private consumption has almost doubled to USD 2.1 trillion in 2024 from USD 1 trillion in 2013, growing at 7.2 per cent CAGR, faster than the US, China and Germany, according to a report.

"Surpassing Germany, India's private consumption has almost doubled to USD 2.1 trillion in 2024 from USD 1 trillion in 2013, and during 2013-23, India's consumption grew at 7.2 per cent CAGR, faster than China, the US and Germany," it said.

On course to become the world's third-largest consumer market by 2026, India is well-positioned to reap the benefits of a demographic dividend, said the report titled 'India's changing discretionary spending: Key insights for brands' launched by Deloitte India with Retailers Association of India on Thursday.