The economy is sizzling and foreign businessmen and investors are swarming to India to grab a piece of the action. With one of the fastest growing economies in the world, clocked at a consistent growth rate of over 8% over the last decade, India is fast on its way to becoming a large and globally important consumer economy.

India is already the World’s 9^th largest economy standing at US $ 1.84 trillion and according to purchasing Power parity (PPP) it is the 3rd largest economy at 4.47 Trillion Dollars.

Private consumption has already played a much larger role in India’s growth than it has in that of other developing countries. In 2011 private spending already crossed US $ 1.2 trillion, accounting for 60 percent of India’s GDP, so in this respect the country is closer to developed economies such as Japan and the United States than are China and other fast-growing emerging markets. Higher private incomes will continue to encourage this rise in consumption.