India is expected to surpass big nations and emerge as the global centre of consumerism, says a report by Angel One.
India’s fastest-growing economic sector is consumption, which makes for 56 per cent of the country’s GDP. According to the survey, India is expected to treble its consumption by 2034 due to its fastest-growing consumer base globally.
Due to nuclear family tendencies, household expansion in India is surpassing population increase, which is becoming the main reason of rising consumption. India is also expected to dominate the world in the expansion of its workforce.
The survey also predicts that India will save ten times as much over the next 25 years as it has over the previous 25. According to the analysis, India’s total savings, which were US $ 12 trillion between the fiscal years 1997 and 2023, will increase tenfold to US $ 103 trillion by 2047. Massive incremental consumption potential will be unlocked by this.
The apparel industry is one of those that will see the fastest growth in discretionary spending. The recent tax cuts in the union budget will unlock US $ 11.67 billion (Rs. 1 lakh crore), which will drive an incremental consumption of US $ 38.52 billion (Rs 3.3 lakh crore). This could increase the country’s GDP by 1 per cent.
According to the analysis, discretionary consumption surpassed non-discretionary expenditure in both the US and China during times of economic and income expansion, and India is expected to see a similar trend.
Bharat Tex Special Report 2026 
