India's consumer market is set to become the world's third largest by 2027 as the number of middle to high-income households rise, according to a report by BMI.
The country's ongoing urbanization will also help boost consumer spending as companies can more easily access consumers and open more physical retail stores to cater to them. The country currently ranks fifth, but the Fitch Solutions company predicts a 29% increase in real household spending will push India up two spots.