India’s Consumer Market Set To Become the World’s Third Largest by 2027, Behind the U.S. and China

India's consumer market is poised to become the world's third-largest by 2027, following the U.S. and China, as the number of middle- to high-income households surges, according to a report by BMI. Currently in fifth place, a projected 29% increase in real household spending is expected to propel India up two spots. This growth is predicted to outstrip other developing Asian economies, with household spending per capita increasing at a rate of 7.8% year-on-year.