Country’s per capita income will reach ₹4.63 lakh:In 2013, 6 crore families were earning ₹10 lakh annually, now rises to 100 million

Per capita income, disposable income, and urbanisation in the country are reaching a point where consumption grows rapidly. According to the latest report by multinational asset management company Franklin Templeton, by the end of this year, the number of families earning ₹10 lakh annually in India will reach 100 million. The report states that in 2013, there were 60 million such families. These people will account for 40% of the total consumption. This will lead to a rapid increase in the sales of cars, houses, and FMCG products. Furthermore, between 2010-2024, per capita income doubled to ₹2.41 lakh annually. By 2031, it will reach ₹4.63 lakh. This will lead people to spend more than necessary on premium goods, tourism, and health. The report indicates that India is now becoming an aspiration-driven economy. This leads to rapid GDP growth. Between 2024 and 2030, India’s nominal GDP growth is estimated to increase at a CAGR of 11%. By then, the Indian economy will be worth ₹644 lakh crore. In this, the share of domestic consumption is 60%. This could make India the third-largest consumer market next year. Private consumption is already over ₹185 lakh crore in 2024, up from ₹88 lakh crore in 2013. This has grown faster than China, America, and Germany. 3 major indicators of progress…