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A study by the McKinsey Global Institute (MGI) says that if India’s high economic growth rate holds steady, Indian incomes will almost triple over the next two decades and India will climb from its position as the 12th-largest consumer market today to become the world’s 5th-largest consumer market by 2025. The report, titled, “The Bird of Gold – The Rise of India’s Consumer Market”, by the MGI, McKinsey’s economics research arm, says that more than 291 million people will move from poverty to a more sustainable life, and India’s middle class will swell by over 10 times from its current size of 50 million to 583 million people by 2025. By this time, over 23 million Indians will number among the country’s wealthiest citizens, says the report. MGI forecasts that aggregate consumption in India will grow in real terms from $425 billion to $850 billion by 2015 and $1.75 trillion by 2025 – a fourfold increase. This soaring consumption will vault India into the premier league among the world’s consumer markets. Medical tourism market alone, according to MGI, can contribute $1.25-2.5 billion additional revenue for up-market tertiary care hospitals by 2012, and will account for 3-5% of the total healthcare delivery market. | | |
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