India’s consumer spending on goods to grow 7 pc in next 5 years [Video]

India’s consumer spending on goods is worth $1.29 trillion in 2024 and is expected to increase to 7.0 per cent in the next five years, according to a new report.

India’s expansion in electronics has, thus far, followed an assembly-to-component strategy, using tariffs and production-linked incentives to draw investment in the manufacturing of smartphones and other network-connected devices.

The sheer scale of sales opportunity in the Indian market has also provided “in-market, for-market” justifications for investments in manufacturing in the country, according to a latest forecast by S&P Global Market Intelligence.

“India’s consumer spending on goods is worth $1.29 trillion in 2024, S&P Global Market Intelligence forecasts show, with the inflation-adjusted growth of 4.8 per cent in the past five years, expected to increase to 7.0 per cent in the next five years,” according to the report.

The acceleration in growth is particularly marked in export industries such as apparel …