Nirmala Sitharaman: India’s consumer market likely to double by 2031: FM Nirmala Sitharaman

The minister quoted the S&P global market intelligence outlook and shared about the growing consumer market in India.

“The Indian consumer market is likely to double by 2031, there is 2.9 trillion-dollar opportunity in that. The report also suggests that consumer spending on food in India is estimated to rise to 1.4 trillion US dollars, again one trillion dollar opportunity lies in waiting” the minister added.

Emphasising the strength of India’s growth narrative, the FM stated that it is compelling. Furthermore, the Finance Minister expressed confidence in the robust health of both the corporate sector‘s balance sheet and the finance sector‘s balance sheet.

Sitharaman stressed the necessity of enhancing manufacturing capabilities to foster self-reliance and economic growth. She also pointed out the importance of sophistication in product manufacturing, highlighting that a concerted effort to expand this sector is crucial.

By bolstering manufacturing, India can not only meet domestic demand more effectively but also reduce dependency on imports, thus advancing towards self-reliance, the FM stressed.Sitharaman also highlighted India’s position as the fastest-growing economy, acknowledged by global observers and institutions. She expressed confidence in Prime Minister Narendra Modi securing a strong majority in the upcoming elections and outlined a vision for India’s future.The finance minister confirmed that the suggestions put forth by the CII will be integrated into the July budget.

She added, “It has always been a time when CII has always laid before itself and the nation an approach to working together with the government and also making sure that globally industry partnership takes a clear cut route so that the global challenges are faced with a greater understanding and the national opportunities, that exist, are also fully leveraged.”