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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