According to figures from the World Bank and the United Nations, India is projected to surpass China in both economic size and population within a few short decades, meaning that one would be remiss to discount India’s role as an economic titan in the coming years. And here is why-
1. Consumer spending which is the consumer expenditure or demand is the purchasing of goods and services by individuals or families and it is the largest part of aggregate demand at the macroeconomic level. In any discussion about where the economy is headed, commentators usually make reference to the health of the consumer. In India consumer spending is expected to triple to $3.6 trillion by 2020 compared to just $991 billion in 2010.
2. India has the world’s largest dairy cow population, home to 17.2% of the word’s cows. The nation recently overtook the European Union to become the world’s largest producer of milk. In 2014, Indian dairy cows produced 132.4 million tonnes of milk.
3. By 2030, it’s expected that India will become the world’s third largest economy with a projected GDP of $13,716 billion.
4. The top 25 richest people in India have a combined net worth of about $174.8 billion, equivalent to the entire GDP of Ukraine. Additionally, India’s wealthiest man Mukesh Ambani possesses the world’s most expensive home, which cost $1 billion to construct. The 59 years old Mukesh is currently disrupting the Indian telecoms market with investment in excess of $30bn.
5. A 2013 law states that non-residents of India and foreign visitors may not take rupees, the Indian currency, out of the nation. It is mandatory for non-resident Indians and foreigners to convert all of their Indian cash to some other currency before leaving the country.
THIS WEEK’S HUMOUR
There are three types of people, those who make things happen, those who watch things happen and those who wondered what happened – Tommy Lasanda