India’s Rs 65-lakh crore consumer market set to skyrocket, eyeing top 2 global spot in the next two decades

In 1991, when the government took the bold step to liberalise the economy and embrace global integration, India was a far cry from its current status as a major economic power. Its position among the world’s largest economies was well outside the Top 10. Fast forward nearly three decades, and India now not only ranks among the Top 5 largest economies but also boasts a consumer market within the same tier. This, however, is just the beginning. Perched now at a critical juncture in its modern history, India is poised for a significant change. The government’s commitment to transforming India into an economic superpower by 2047—marking a century of independence—will see the consumer market play a pivotal role. The past 30 years have demonstrated the resilience of Indian consumers, and the next two decades are expected to herald a new era in global consumerism.