India has been evolving as one of the world’s most dynamic consumption environments and is expected to maintain steady economic growth. Growth in income will transform India from aspirers’ economy to a truly middle-class led one, with consumer spending growing from $1.87 trillion today to nearly $5.16 trillion by 2031.

The middle class and high-income segments will drive 55 per cent ($1.82 trillion) and 31 percent ($1.03 trillion) of all incremental consumption respectively.