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There are some economies in the world which have made an enormous progress in the last one decade. In these nations and these economies, the standard of living of people has increased by a marginal level. Very rapid progress has been made in all fields. The GDP increased and hence, the standard of living of people increased too. India is one such nation. India has emerged out to be the second fastest developing economy in the world. Not just that but India is also the fourth largest country in terms of the purchasing power parity. In the last one decade, there has come a vast change in the way the people live in India.
The Consumption power of Indians has increased by great levels. One can get an idea of how large the Indian Consumer power is by knowing the fact that India, today, is the fifth largest consumer of electricity in the world. Not only that, even in the automobile sector, owing to its huge consumer power, a 12-14% growth has been seen in successive years. The way people live and the things on which they spend money have changed too. For instance, of the overall sales of the retailing giant, Levis, 30% of the sale of the premium segment is accounted by Indian Consumers. In the health care sector, the increasing Indian investment has led to the growth of health sector’s 5.2% share in the GDP to 8.3% now.
Even during the recession, the consumption power of people decreased radically in countries like the United States of America and England but the consumption power of developing nations and especially India, remained more or less constant. As a matter of fact, the Indian Consumer Power, during the period of recession, was even more that the United Stated in certain sectors.
There are so many reasons that have contributed to the increasing Indian Consumer power. Some of these reasons are:
1.The affect of globalization: The developing world has really been changed by the affect of globalization. It is due to globalization that some of the biggest companies of the world decided to create ventures in third world and developing nations like India and China etc. Due to the setting up of these big business names and firms, the youth in countries like India and China got a chance to channel their talent and make money for their talent. People with good skills were offered good jobs as well as good pay. When people had money, they spent it too, to fulfill their needs and desires. The same thing happened in India as well. Thus, the globalization was pivotal in increasing the Indian Consumer power.
2.Increase in the desires of the human beings: The fact is that human desires are infinite. The more we get, the more we want. Till a few years back, a man would be satisfied if he had enough farming land, good home and sufficient food to eat. However, with globalization new things started coming into the market. First it was scooters. Then, the world moved on to the bikes and now a car has become a mandatory thing for every person. Similarly, the world moved from normal tailored pants to brands like Levis, Numero Uno, Pepe etc and now even these brands have become redundant. Now, one can easily find designers and labels like Armani, Versace, Gucci, Balenciaga etc. in the wardrobe of people. Thus, due to globalization the Indian people were exposed to ne things and that is how, their desires increased. Since, they were provided with the money, they learned to spend on things that they wanted.
3.Rise of the middle Class: A prosperous middle class is the key indicator of a growing economy. In a feudal economy, the society is generally divided into the rich elite class and the lower labor class. However, when a society begins to prosper, the middle class starts emerging as a class which becomes pivotal in determining the future of the society. The Indian Consumer power increased because during the last few years, the middle class has prospered in India. The best opportunities that were created by globalization and the movement of big names into countries like India were cashed by the middle class. When they availed on the opportunities, their pays increased and thus, their purchasing power increased too.
Some Economic pundits believe that by 2015, the Indian Consumer power will become the third highest in the world. Given the current, Indian Consumer power it does not seem like a far cry. It has been estimated that by 2015, the Indian Consumer power will be six trillion dollars.No wonder, India and Indian Consumers have become so integral to the world market.
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