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Sweety
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Asked: August 14, 20202020-08-14T14:49:07+05:30 2020-08-14T14:49:07+05:30In: UPSC MAINS

Reason behind rise in consumer demand in Indian Economy

What has led to the rise in consumer demand in Indian Economy?

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    1. Rajnish

      Rajnish

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      Rajnish Optimist
      2020-08-14T14:54:21+05:30Added an answer on August 14, 2020 at 2:54 pm

      The rise in consumer Demand of Indian Market is due to following reasons:

      • Backed by healthy salary hikes, rising aspirations, and easy credit, Indian consumers are spending more on new products – both online and offline.
      • Consumer-oriented companies across sectors have seen robust sales growth in the past few years.
      • Data show that Indian consumers are driving growth in the automobiles and airline sectors, apart from supporting mobile phones and consumer durables sales.
      • Retail loans, too, are rising, and this boom is likely to support the broader economic growth in the current financial year.
      • Statistics tell the story of a surge in consumption. Consumer surge has also been witnessed in consumer durables, new mobile phone connections, and expensive handsets sales.
      • Sales of consumer durables such as TVs, refrigerators, air conditioners and washing machines are expected to grow by 30 percent.
      • If India continues on its current high-growth path, over the next two decades the Indian market will undergo a major transformation. Income levels will almost triple, and India will climb from its position as the twelfth-largest consumer market today to become the world’s fifth-largest consumer market by 2025.

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