India to overtake Japan as third-largest consumer market by 2026
Image Credit: newsbytes
UBS Securities, a global brokerage firm, has projected that India will surpass Japan to become the world's third-largest consumer market by 2026. This forecast is based on India's rapid economic growth and a significant increase in household consumption. The country's household consumption has seen a twofold increase over the past decade, reaching $2.1 trillion in 2023 at a compounded annual growth rate (CAGR) of 7.2%.