Today, Indian economy has significant presence on world economic platform. Globally, India ranks 7th in terms of nominal GDP and the 3rd in PPP terms. It is estimated that by FY 2020, India will be in top 5 global economies and by FY 2050 it will be in top 3 global economies.
India’s medium- to long-term growth will be determined by inter-play of the structural factors of demographics, policy reforms and globalisation. It is expected that the confluence of these three factors will help to raise potential growth. The growth is expected to continue in future and will translate to higher spending across all consumption categories including eating out, consumer durables, luxury products etc.