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NEW DELHI: India’s consumption is being fuelled by the growing middle class segment, whose size is expected to expand to a billion people by 2046-47 from about 432 million in 2020-2021, according to estimates released by People Research on India’s Consumer Economy (PRICE).
“Absolute incomes may be well higher among the rich, but numerical strength of Indian middle class suggests that it will become the driving force of the economy, The discretionary spending power of burgeoning section of society could both spur investment and generate employment, thereby providing a further boost to economic growth,” PRICE said in a report. Rapid growth of 8%-9% could be driven by focus on manufacturing and urbanisation, India G20 Sherpa Amitabh Kant said.
“Absolute incomes may be well higher among the rich, but numerical strength of Indian middle class suggests that it will become the driving force of the economy, The discretionary spending power of burgeoning section of society could both spur investment and generate employment, thereby providing a further boost to economic growth,” PRICE said in a report. Rapid growth of 8%-9% could be driven by focus on manufacturing and urbanisation, India G20 Sherpa Amitabh Kant said.
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