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 has fast become a large and globally important consumer economy.

India is already the World’s 7th largest economy standing at US $ 2.34 trillion and according to purchasing Power parity (PPP) is the 3rd largest at US $ 8.05 trillion.

Private consumption has already played a much larger role in India’s growth than it has in that of other developing countries. In 2015 private spending already crossed US $ 1.5 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 other fast-growing emerging markets. Higher private incomes will continue to encourage this rise in consumption.