China is gradually emerging as a very strong economic power house and now according to a study by research firm Economist Intelligence Unit (EIU) Chinese market is going to rival US market in terms of the size of consumer market in purchasing power parity by as early 2020. You can read the full research study by clicking this link. There is good news for India too.
I am quoting from the report:
"In 2020 the US will remain the world’s largest trading nation, although its share of world exports and imports of goods and services will slip slightly, from 14% in 2005 to 12%. China will displace Germany in second place and by 2020 will not be far behind the US. India will record the biggest jump in world rank— from 24th to 10th—but will still account for only 3% of
world trade in 2020."
In the report I found a special analysis about the famous Indian company TATA titled 'Hello Tata'. In the report, it is recognized that India is doing well but perhaps not enough to make India a wealthy country. I am again quoting from the report:
"Global companies have recently also begun to pay more attention to India as the increasing number of urban consumers has sparked a mini consumer boom. Unlike consumers elsewhere in Asia, Indians appear more prepared to spend than to save. However, India’s consumer boom will be constrained by low average incomes and restrictions on foreign investment in the retail sector. In India there are now some 300m middle-income earners making US$2,000-4,000 a year."
I am happy that India is now recognized in the world level and I hope that things become only better for India from now on.
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