India’s economic growth has accelerated significantly over past decade or so and so is the spending power of its citizen. The average income has doubled since 1985 and projected to triple in just 20 years. These are staggering numbers and just give you an idea of kind of growth path Indian is currently riding.
The reasons for this surge are many- IT Boom, comparatively liberal economic policies, Opening of Indian markets to foreign investors to a large extent, Political stability…the list goes on…
I think India has done a lot of right things in last decade and we are going to see the fruits in very near future….
I just completed reading this 195 page comprehensive report prepared by Mckinsey Global which reports on Income levels of Indians and the Consumer Market growth. This is an absolute must read for a person interested in knowing where India is heading.
I have no doubt in my mind that the opportunities in India are abound, it is just a matter picking up the right ones :) We are lucky to be living in this day of Indian economic change.
Note: This is the 2nd post in the 30 part series that I am doing on Key success factors for doing business in India – A 30 part series !, that I plan to do over next month