* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Friday, September 19, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Massive Attack Say They’ll Remove Music From Spotify – yahoo.com

    Massive Attack Announces Plans to Pull Their Music from Spotify

    REO to return for UI homecoming – The News-Gazette

    REO Gears Up to Ignite the Stage at UI Homecoming Celebration!

    Gen V Season 2: What is The Odessa Project? – yahoo.com

    Gen V Season 2: Unlocking the Secrets of The Odessa Project

    PENN Entertainment stock rating reiterated at Market Outperform by JMP – Investing.com

    PENN Entertainment Stock Rated a Market Outperformer by Experts

    Here’s how NJ’s once-vibrant nightclub scene was born and why it died – Bergen Record

    The Rise and Fall of New Jersey’s Once-Vibrant Nightclub Scene: What Happened?

    The Emmys are back: Viewership soars to highest numbers in 4 years – yahoo.com

    The Emmys Return with a Bang: Viewership Hits a 4-Year High

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Huawei Unveils New AI Chip Tech to Challenge Nvidia’s Lead – Bloomberg.com

    Huawei Unveils New AI Chip Tech to Challenge Nvidia’s Lead – Bloomberg.com

    China says US TikTok deal a ‘win-win’, will review app’s technology and IP transfers – Reuters

    China Hails US TikTok Deal as a ‘Win-Win’ While Launching Review of App’s Technology and IP Transfers

    Bucking the Odds: Why Technology Companies Should Embrace Software Patents Today – Crowell & Moring LLP

    Bucking the Odds: Why Technology Companies Should Embrace Software Patents Today – Crowell & Moring LLP

    City IT presented Best of North Carolina Technology Award – RaleighNC.gov

    City IT Honored with Best of North Carolina Technology Award

    LELO Releases 2025 Futurist Report: Intergenerational Views on Relationships, Sex, and Technology – PR Newswire

    Exploring the Future: How Different Generations View Relationships, Sex, and Technology in 2025

    Will New Big Technology Engagements Reshape Innodata’s Growth Path? – Yahoo Finance

    Could New Major Tech Partnerships Propel Innodata to Unprecedented Growth?

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Massive Attack Say They’ll Remove Music From Spotify – yahoo.com

    Massive Attack Announces Plans to Pull Their Music from Spotify

    REO to return for UI homecoming – The News-Gazette

    REO Gears Up to Ignite the Stage at UI Homecoming Celebration!

    Gen V Season 2: What is The Odessa Project? – yahoo.com

    Gen V Season 2: Unlocking the Secrets of The Odessa Project

    PENN Entertainment stock rating reiterated at Market Outperform by JMP – Investing.com

    PENN Entertainment Stock Rated a Market Outperformer by Experts

    Here’s how NJ’s once-vibrant nightclub scene was born and why it died – Bergen Record

    The Rise and Fall of New Jersey’s Once-Vibrant Nightclub Scene: What Happened?

    The Emmys are back: Viewership soars to highest numbers in 4 years – yahoo.com

    The Emmys Return with a Bang: Viewership Hits a 4-Year High

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Huawei Unveils New AI Chip Tech to Challenge Nvidia’s Lead – Bloomberg.com

    Huawei Unveils New AI Chip Tech to Challenge Nvidia’s Lead – Bloomberg.com

    China says US TikTok deal a ‘win-win’, will review app’s technology and IP transfers – Reuters

    China Hails US TikTok Deal as a ‘Win-Win’ While Launching Review of App’s Technology and IP Transfers

    Bucking the Odds: Why Technology Companies Should Embrace Software Patents Today – Crowell & Moring LLP

    Bucking the Odds: Why Technology Companies Should Embrace Software Patents Today – Crowell & Moring LLP

    City IT presented Best of North Carolina Technology Award – RaleighNC.gov

    City IT Honored with Best of North Carolina Technology Award

    LELO Releases 2025 Futurist Report: Intergenerational Views on Relationships, Sex, and Technology – PR Newswire

    Exploring the Future: How Different Generations View Relationships, Sex, and Technology in 2025

    Will New Big Technology Engagements Reshape Innodata’s Growth Path? – Yahoo Finance

    Could New Major Tech Partnerships Propel Innodata to Unprecedented Growth?

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home General

India’s consumption growth is set to accelerate as Goldman predicts ‘affluent’ Indians to nearly double

January 19, 2024
in General
India’s consumption growth is set to accelerate as Goldman predicts ‘affluent’ Indians to nearly double
Share on FacebookShare on Twitter

The increase in wealth has been seen from stronger retail participation, larger investments into the Indian stock markets, and gold and property purchases.

Sopa Images | Lightrocket | Getty Images

Rising disposable incomes are set to power India’s consumption story, further boosting the country’s consumer sector that is fast becoming a key driver for economic growth.

India, which has relied heavily on business-to-business services and manufacturing to fuel growth, is on track to become a more consumption-focused economy, said Abhishek Malhotra, partner at McKinsey & Company’s Mumbai office.

His comments came on the back of a Goldman Sachs report last week that predicted around 100 million people in India will become “affluent” — earn an annual income exceeding $10,000 — by 2027.

There is a great desire to spend on travel, jewelry, eating out, among other things, with discretionary spending in the country on the rise, Malhotra told CNBC in a Zoom interview. 

Currently, 60 million people in the world’s fifth-largest economy earn more than $10,000 — around 4% of India’s working age population — according to the report released last week. The number was just 24 million in 2015. 

“When you have a lower income, most of your money goes into food and housing … Now that those have been taken care of, there is leftover discretionary spending,” Malhotra said, adding that consumer sectors such as travel, jewelry, and services will see significant growth in the next two decades. 

The country’s consumer market is set to become the world’s third-largest by 2027, as the number of middle- to high-income households rises. 

About 33% of India’s 1.4 billion people are estimated to be aged between 20 and 33 years, according to data from BMI, which is driving global firms to set up and expand operations in the country. 

Pedestrians walk past a Tata Starbucks coffee shop in Mumbai, India, on Saturday, Nov. 5, 2016.

Bloomberg | Bloomberg | Getty Images

For instance, Tata Starbucks — a joint venture company between Tata Consumer Products and Starbucks Corporation — announced in January that it will have 1,000 stores in India by 2028. 

The coffee chain currently operates about 400 stores across 54 Indian cities. Other international chains such as Tim Hortons and Costa Coffee have reportedly been striving to gain a foothold into the Indian market.

Rising incomes are also reflected in higher domestic inflows into Indian equities, and the country’s market cap has risen by over 80% in the last three years, with India trumping Hong Kong in December to become the world’s seventh-largest stock market. 

Besides growth in investments, Goldman anticipates a sharp increase in gold and property purchases. 

Property prices in the South-Asian nation have shot up by more than 30% from financial year 2019 to 2023, compared with just a 13% increase from financial year 2015 to 2019, on the back of higher housing demand. 

Higher incomes have also led to credit cards spending more than doubling in the last year compared with 2019, Goldman said. 

The report showed that there are around 90 million credit cards being used in India, with some of the people earning more than $10,000 holding more than one card. There were just 50 million credit cards in 2019. 

“There is a focus towards plastic currency and digitization of payments in India … And the young population is the key driver of credit card growth,” said Kranthi Bathini, equity strategist at WealthMills Securities. 

“The youth is confident in India’s growth story, so that’s where this participation is coming from,” Bathini told CNBC via telephone. 

Promising plays 

Stocks of Indian travel companies such as MakeMytrip and InterGlobe Aviation (IndiGo) have both made gains since the beginning of the year, making them Goldman’s top picks from the travel sector. 

The world’s most populous country’s spending on travel is set to be the fourth highest globally by 2030, largely due to the growth in middle-income households.

To meet booming travel demand, Indian carriers have been placing record aircraft orders with Akasa Air on Thursday ordering 150 Boeing 737 MAX planes.

Indiana are projected to take 5 billion leisure trips by 2030, with 99% of the travel within the country. 

The Indian Hotels Company, which owns 263 properties in the country, stands to benefit from the surge in domestic travel, Goldman said.

Jewelry firms such as Titan and Kalyan are also among Goldman’s top picks, with both stocks up 2% and 9%, respectively, so far this year. 

Goldman Sachs said food operations such as food delivery company Zomato will benefit from growth in India’s consumption sector.

Debarchan Chatterjee | NurPhoto | Getty Images

In food delivery, Goldman prefers names such as Zomato, Devyani, Sapphire and Phoenix Mills.  

“Not only do these benefit from the rise of ‘Affluent India’, but we also see these as high quality businesses with strong competitive advantages, proven track records of past performance and market leadership within their segments,” it said. 

“This gives us greater confidence that they will be able to hold their competitive position within these high growth categories.” 

— CNBC’s Naman Tandon contributed to this report.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : CNBC – https://www.cnbc.com/2024/01/19/goldman-sachs-predicts-100-million-indians-will-earn-10000-by-2027.html

Previous Post

Lenovo bets its Motorola smartphone brand will be the third-biggest globally in 3 years

Next Post

South Africa: Today’s latest news and headlines, Friday, 19 January 2023

Simons Collaborations in Ecology and Evolution – Simons Foundation

Innovative Breakthroughs in Ecology and Evolution Through Collaborative Research

September 19, 2025
Michigan Science Center’s vertical wind tunnel demonstration – CBS News

Experience the Thrill of Michigan Science Center’s Vertical Wind Tunnel Demonstration!

September 19, 2025
Roane State and TCAT Knoxville celebrate ‘Countdown to Grand Opening’ for Knox Regional Health Science Education Center – WVLT

Roane State and TCAT Knoxville Kick Off Exciting Countdown to Grand Opening of Knox Regional Health Science Education Center

September 19, 2025
Huawei Unveils New AI Chip Tech to Challenge Nvidia’s Lead – Bloomberg.com

Huawei Unveils New AI Chip Tech to Challenge Nvidia’s Lead – Bloomberg.com

September 19, 2025
Klutch Sports Group Signs Maria Taylor – Variety

Klutch Sports Group Scores Big with Star Broadcaster Maria Taylor Joining the Team

September 18, 2025
Historic chills fit in nicely at Old World Wisconsin’s Halloween special program – Milwaukee Journal Sentinel

Historic chills fit in nicely at Old World Wisconsin’s Halloween special program – Milwaukee Journal Sentinel

September 18, 2025
The Economy Is Turning Into a Black Box – The Atlantic

The Economy Is Turning Into a Black Box – The Atlantic

September 18, 2025
Massive Attack Say They’ll Remove Music From Spotify – yahoo.com

Massive Attack Announces Plans to Pull Their Music from Spotify

September 18, 2025
Ex-UC Health doctor who performed genital ultrasounds in his apartment sentenced to jail – Cincinnati Enquirer

Former UC Health Doctor Sentenced to Jail for Performing Genital Ultrasounds in His Apartment

September 18, 2025
Readers respond: Politics should avoid zero-sum game – OregonLive.com

Readers Respond: Why Politics Must Move Beyond the Zero-Sum Game

September 18, 2025

Categories

Archives

September 2025
MTWTFSS
1234567
891011121314
15161718192021
22232425262728
2930 
« Aug    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (826)
  • Economy (845)
  • Entertainment (21,724)
  • General (17,113)
  • Health (9,890)
  • Lifestyle (859)
  • News (22,149)
  • People (850)
  • Politics (855)
  • Science (16,056)
  • Sports (21,345)
  • Technology (15,828)
  • World (829)

Recent News

Simons Collaborations in Ecology and Evolution – Simons Foundation

Innovative Breakthroughs in Ecology and Evolution Through Collaborative Research

September 19, 2025
Michigan Science Center’s vertical wind tunnel demonstration – CBS News

Experience the Thrill of Michigan Science Center’s Vertical Wind Tunnel Demonstration!

September 19, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version