Rapid GDP Growth
The rapid GDP growth in the fiscal year 2022-23 was marked by an impressive growth rate of 7.2%.
India’s economic growth over the past two decades has significantly elevates the purchasing power of its citizens. Currently India is the 5th largest economy in the world with a size of US $3.5 Tn. Aspiration for a better lifestyle drives consumption pattern. India’s sheer size presents an unparallel opportunity for brands to differentiate themselves by offering superior products and services tailored to the evolving needs & preference of Indian consumer. Government of India and Bharat Global Expo have a strong focus on encouraging sustainable products having low carbon footprints.
Rapid GDP Growth
The rapid GDP growth in the fiscal year 2022-23 was marked by an impressive growth rate of 7.2%.
3rd Largest Economy by 2027-28
The nation is poised to become the 3rd largest economy by 2027-28, with its current GDP at USD 3.75 trillion. It is projected to reach USD 35 trillion by 2047.
Rising Per Capita Income
The nation's per capita income is on the rise, currently at USD 2,350, and is expected to soar to USD 26,000 by 2047.
Young Workforce
The country boasts the 2nd largest working population, with 522 million individuals and a median age of 28 years.
3rd largest startup ecosystem
The country has the 3rd largest startup ecosystem, featuring 107 unicorns with a combined valuation exceeding USD 340 billion.
Towards Net Zero
4th largest producer of RE/Solar Power, to unlock USD 1 Tn investment in solar in India by 2030.
This resilient growth of the economy has been made possible by a wide variety of business reforms adopted by the Government of India over the past few years. This includes a broad spectrum of enabling policies ranging from tax reforms, fiscal incentives, export support, logistics infrastructure development, digital & banking support, ease of doing business reforms etc. The business environment in the country has evolved to be one of the best in the region.
With a population exceeding 1.3 billion people and a rapidly growing middle class, India offers a vast and diverse consumer market. International brands can tap into this market to reach a wide range of consumers with varied preferences and purchasing power.
India’s economy is one of the fastest-growing in the world. With rising disposable incomes, urbanization, and a burgeoning youth population, there is immense potential for international brands to capture market share and drive growth in India.
India boasts a young demographic profile, with a significant portion of its population under the age of 35. This youthful consumer base is tech-savvy, aspirational, and open to experimenting with new products and brands, making India an attractive market for international companies.
Rapid urbanization is reshaping India’s consumer landscape, with more people moving to cities in search of better opportunities and lifestyles. Urban centres serve as lucrative markets for international brands, offering a concentration of affluent consumers and favourable infrastructure for retail expansion.
India is experiencing a digital revolution, driven by increasing internet penetration and smartphone adoption. The rise of e-commerce platforms has democratized access to products and enabled international brands to reach consumers in even the remotest parts of the country.
The Indian government has implemented several reforms to ease the entry of foreign companies into the Indian market. Initiatives such as “Make in India” and liberalized foreign direct investment (FDI) policies have created a more conducive environment for international brands to establish their presence in India.
India is a melting pot of cultures, languages, and traditions, resulting in diverse consumer preferences across regions. International brands can tailor their products and marketing strategies to cater to these diverse preferences, thereby increasing their relevance and appeal to Indian consumers.
India’s vibrant media landscape offers international brands a plethora of innovative marketing opportunities to engage with consumers. From celebrity endorsements to experiential marketing campaigns, brands can leverage India’s rich cultural tapestry to create impactful brand experiences and connect with their target audience.
Indian consumers have a strong affinity for international brands, associating them with quality, status, and prestige. This brand aspirational culture presents an opportunity for international companies to capitalize on their global appeal and leverage their brand equity to gain a competitive edge in the Indian market.
In conclusion, India’s vast market potential, demographic dividend, diverse consumer preferences, favourable regulatory environment, and brand aspirational culture make it an ideal destination for international brands looking to expand their global footprint and capitalize on the immense growth opportunities offered by the Indian market.
