Nirmala Sitharaman expects India’s consumer market to double in size by 2031

New Delhi, May 17, 2024.

Finance Minister Nirmala Sitharaman said that India’s consumer market is expeted to double by 2031 while speaking at the CII Annual Business Summit 2024 on Friday.

This announcement comes alongside an expectation that India will contribute 18% to global growth in the next five years.

The Finance Minister in her address highlighted the compelling nature of India’s growth narrative and expressed confidence in the strong health of both the corporate and finance sectors’ balance sheets.

She highlighted the importance of strengthening manufacturing capabilities, pointing to the need to improve sophistication in product manufacturing. She further said that robust manufacturing is crucial for maintaining steady economic growth and achieving self-reliance.

By strengthening manufacturing, India can better meet domestic demand and reduce dependency on imports, a move that aligns with the government’s vision for self-reliance, according to the FM.

Moreover, Nirmala Sitharaman highlighted India’s position as the fastest-growing economy, a recognition echoed by global observers and institutions.

She expressed optimism about Prime Minister Narendra Modi’s potential to secure a strong majority in the upcoming elections and outlined a vision for India’s future growth trajectory.

The Finance Minister confirmed that suggestions from the CII will be considered in the upcoming July budget.