Page 17 - Catalysing Chemicals WIP (Version 2.0) FINAL ARTWORK.cdr

India Growing by Leaps –

and Bounds

India is amongst the fastest growing This growth has also
economies in the world. Projected to fundamentally changed the
grow at an average 7% per annum country’s consuming class. A
over the next few years, the country massive middle class, that lives
is expected to be a USD 6 trillion in the cities, has emerged in this
economy by 2030. (Morgan Stanley decade and a half of growth. It is
estimates). India’s unprecedented estimated that by 2030, at 475
growth, since the economic reforms million, India’s middle class
were initiated in 1991, has led to population will account for 70%
significant reduction in poverty of the country’s total population.
across all economic, social and This expanding middle class would
religious groups. As India’s GDP mean growing purchasing power;
broke the USD 1 trillion mark, it while consumption increased
transformed the country from a three fold between 2005 and 2015,
developing nation into an emerging it is expected to record similar
economy. growth by 2025.

59 70 78

4 8 16 17 26 40 20 27 34 1.01 3.2 8.5

2005
2015
2025

(in %)

Affluent Share of % Nuclear Average
households affluent consumption households household
as a % households from as a % spend
of total in total Tier-II, of total (Rs lakh)
consumer III, IV**
spending cities

*Annual household income > Rs 10 Lakh at 2015 prices, **Cities with population between 50,000 and 10 lakh
Source : BCG as published in http://www.livemint.com: The-rise-of-Indias-neo-middle-class.html

Chemistry Everywhere 13
In Pursuit of Sustainable Development