According to Franklin Templeton’s report “Beyond Necessities: India’s Affluence-Driven Growth,” India’s per capita income (PCI) is projected to cross $5,242 by 2031, a substantial increase from $2,600 in FY2025. This growth is supported by rising GDP, expanding household consumption, a thriving digital economy, and favourable demographics. India’s nominal GDP is expected to grow at 11% annually until 2030, touching $7.3 trillion, supported by rising incomes and shifts in consumer behaviour.
A major driver of this transformation is the transition from essential to discretionary consumption. Premium goods—such as detergents, electronics, and lifestyle products—are growing at over 20% CAGR
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