India is the second largest growing economy in the world, even briefly overtaking china last year. By 2022 India’s population is expected to exceed China’s, becoming the largest in the world, according to a report by UN. There has been rapid growth in India’s middle class and it has doubled in size from 300 million in 2004 to 600 million in 2012. This means half of India’s 1.2 billion population is now middle class.
There has been an increase in disposable income of the middle class from 2.5 million in 1990 to 50 million in 2015. This has led to a fundamental change among the country’s consumers. If Indian economy continues to witness this massive growth the average household incomes will triple over the next two decades, and become the world’s 5th largest economy. IT has played an important part in the growth of the country, with many technology companies setting up their offices in India, leading to an increase in jobs.
Lucrative carriers in IT sector have propelled many Indians towards flourishing careers, leading to an improvement in their standard of living. With the increase in disposable income people has started aspiring for things that will improve their standard of living. Luxuries are slowly becoming necessities. People are investing in real estate, with the dream of owing their own luxurious abode becoming a reality. Pune which houses India’s biggest IT Park has seen an increase in real estate demand. In Pune, Kolte Patil Western Avenue is one such residential project that offers world class innovative homes at an affordable price.
Apart from real estate, the discerning Indian buyers are also investing in vacations, second homes, high end electronic gadgets, vehicles, and more. By 2025, incomes will triple, which will lead to an increase in demand for real estate, automobile, and luxury goods ownership. India is slated to become the twelfth-largest consumer market in the world, and will become the world’s fifth-largest consumer market.
The Great Indian middle class is slowly gaining power and will continue to rise over the next decade!