The ascendency of India as an economic world power

Indian economy may be flourishing but India is still one of the poorest countries in the world. Millions of children are hungry and malnourished in India. However, India has over 1 billion people and the number of rich people in India is only growing in number. So, India is becoming an ideal ground for luxury brands.

IBN Live reported:

Is India the last frontier in luxury products? Well if interest from global luxury brands is a benchmark it certainly seems so.

Two trade ministers, Indian and French, a gaggle of the top luxury brands all vying to enter India and sea of suits - usual in the Hindustan Times Luxury Conference. Everyone agrees that India is the final big destination for luxury brands.

But reality is that only a few brands like Dior, Louis Vuitton and Ferragamo are in India inspite of relaxation of laws last year to allow foreign to hold majority stake in their Indian business.

It will take some time for the luxury brands to come to India in large number. Indian government needs to open up its economy more. All the foreign companies want to make profit and India is a great place for doing business now.