India’s affluent class may soon nearly double to touch 100 million people by 2027, as per a report by Goldman Sachs Group Inc.
Strong economic growth, stable monetary policy and high credit growth has increased the purchasing power of top-earning Indians over the past decade, Bloomberg reported quoting the report.
This has resulted in the number of affluent Indians earning above $10,000 per annum from 24 million consumers in 2015 to 60 million, or 4.1% of the population currently, according to a Goldman report published on Friday (January 12, 2024) as quoted by Bloomberg.
IMF Report
In its report, the International Monetary Fund in December last year said India’s growth is expected to remain strong, supported by macroeconomic and financial stability.
“Real GDP is projected to grow at 6.3 percent in FY2023/24 and FY2024/25. Headline inflation is expected to gradually decline to the target although it remains volatile due to food price shocks,” read the statement issued by IMF.
“Going forward, the country’s foundational digital public infrastructure and a strong government infrastructure program will continue to sustain growth. India has potential for even higher growth, with greater contributions from labour and human capital, if comprehensive reforms are implemented,” the statement said.