India, currently the world’s fifth largest economy, is expected to become the third largest by 2027, according to the International Monetary Fund.
India’s wealthy class is expected to number 100 million by 2027, a Goldman Sachs report said on Friday, adding that indigenous companies selling premium products will outperform their broad-based competitors. According to a Goldman report, the purchasing power of higher-income Indians has increased over the past decade thanks to strong economic growth, stable monetary policy and strong credit growth.
As a result, the number of wealthy Indians earning more than $10,000 (8.28 lakh) per year has increased from 24 million in 2015 to 60 million today. India, currently the world’s fifth largest economy, is expected to become the third largest by 2027, according to the International Monetary Fund. According to Bloomberg citing a Goldman report, India has seen the purchasing power of the middle class increase, which benefits companies with premium brands in entertainment, jewelry, products outdoor and health.
The significant increase in the value of the country’s financial and physical assets over the past three years is leading to growing wealth. Gold and property are considered important means of storing wealth. There has been a major shift in households investing in stocks through direct stocks or mutual funds over the past five years, the report added.
According to Goldman Sachs, the gap between the purchasing power of the highest and middle income groups remains a problem in India. More than 96 million debit cards have been issued in the country and 9.30 million Indians have postpaid phone connections. But the report adds that only 3 million Indians can afford to buy a car.
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