India to be world�s fifth largest consumer market by 2025

Written by: Pti
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Mumbai, Feb 4 (PTI) Convergence of demographic,economic and technological forces will result in unprecedentedchanges in consumer behaviour making countries like India alarge consumer market, according to a study by consultancyfirm Deloitte.

The report, ''Consumer 2020: Reading the signs'', saidIndia would emerge as the world�s fifth largest consumermarket by 2025 providing significant opportunities forconsumer business companies.

"Even as growing purchasing power of Indians isalready having a significant impact on the global consumermarket, the growth in income is giving rise to increaseddemand for convenience of modern retailing. However, Indianeeds to take measures that stimulate consumer spending,"Deloitte India''s Senior Director, Rajan Divekar, said.

The report further said that over the next decadetherewould be a rebalancing act in the global economy.

While countries like China are likely to shift awayfrom export-oriented growth toward growth driven by domesticconsumer spending, countries like India, could liberaliseconsumer finance and improve social safety net so as toencourage consumer spending and allowing the currency toappreciate. .

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