Firms urged expanding in India
‘In India, income distribution is evolving as affluence rises. Affluence will be much more widespread by 2025.’
Daily Tribune‘In India, income distribution is evolving as affluence rises. Affluence will be much more widespread by 2025.’
Entrepreneurs are encouraged to expand business in India, which has rapidly grown into the second-most populous country in the world and its sixth largest economy.
"In India, income distribution is evolving as affluence rises. Affluence will be much more widespread by 2025," Bijaykumar Pandey, Marketing and International Sales Manager at Innovek Asia Co. Ltd, Thailand, said in a webinar organized by the ASEAN Access MATCH.
Pandey said significant increases in the number of digitally influenced and online shoppers will result in more than tenfold growth in digitally influenced retail and online retail spending.
Selling online
"Selling products in online marketplaces lets you reach customers all over the country," he said.
Pandey said food and grocery will be a significant segment comprising 60 percent of the total Indian retail market in 2024.
This is followed by apparel, mobile and telecom, food services, jewelry, consumer electronic, pharmacy and others, he added.
"India's smartphone market fell by 1 percent in (the) Q2 (second quarter of) 2023. However, vendors are balancing their inventory levels ahead of the upcoming festive season," Pandey said.
He also cited the increase in the production of white goods, including refrigerators, air conditioners and washing and laundry machines.
Economic powerhouse
Pandey further said India is an economic powerhouse with combined gross domestic product valued for top 5 ranking of the world.
It also has a youthful workforce and customer base with a population approaching over 50 percent of world population and median age below 30, he said.
"(India is) not a homogenous market," he added. "(Its) intra-regional trade is expected to remain resilient."
