According to data provided by the commercial consumption expenditure (CCE) index of the world’s largest electronic retail payment network, Visa, the annual commercial spending in India was pegged at $2.3 trillion in 2007, which was an increase of 23 per cent over 2006.
India comes in third after Japan (USD 5.2 trillion) and China (USD 4.9 trillion).
India also stood fourth in Visa’s list in terms of the fastest growing market in the Asia Pacific (APAC) region with 23 per cent increase, while the first, second and third positions were taken by Myanmar (41 per cent), Hong Kong (36.5 per cent) and Singapore (35 per cent) respectively.
For this listing, the CCE index captured business-to-business purchases to acquire goods and services used in production, wholesale and retail purchases of final goods, business capital expenditures and government spending on goods and services.
According to the report, which considered 21 economies in the APAC region as part of the global study, commercial spending in the region grew by 13 per cent to USD18.9 trillion in 2007, while global annual commercial spending grew 12.2 per cent to an estimated USD 77.3 trillion from USD 68.9 trillion in 2006.