If you have not already bought into the Indian consumer story, here’s some persuasive stuff. The Boston Consulting Group is calling India and China a $ 10 trillion prize. The consumer market in India and China will triple over the current decade and amount to $ 10 trillion annually by the year 2020, says BCG.
Some interesting insights and numbers
- The two countries will have nearly 1 billion middle class consumers by 2020
- Billionaires are rising. In 2001, China had 1 billionaire and India had 4. There are 115 billionaires in China and 55 in India now.
- The two markets will give rise to some of the worlds most powerful companies.
- About 83 million Chinese and 54 million Indians will become college graduates over the next 10 years.
The consulting group has published a new book called “The $ 10 trillion Prize- Captivating the newly affluent in China and India.” The book deals with India and China and the markets in these countries. It also deals with an interesting concept. It’s called Paisa Vasool. Nothing new for us, we say it every now and then. But be prepared to hear of it more often at international powwows in the same breath as they use Jugaad.