India is on course to become the world’s leading consumption-driven economy, surpassing major global markets, according to a recent report. The country’s consumer spending currently accounts for 56% of its GDP, making it the fastest-growing consumption market globally.

A study by Angel One and Iconic Asset projects that India's total consumption will double by 2034, fueled by strong economic growth and evolving demographics. This surge positions India as a key player in global consumer markets over the next decade.

One of the primary factors driving this expansion is the rise in nuclear families. The number of households in India is increasing at a faster rate than the overall population, leading to greater spending power and a shift in consumption patterns.

Additionally, India is expected to dominate global workforce growth, providing a further boost to economic activity. A growing workforce translates into higher disposable income, accelerating demand across various sectors, including retail, technology, and services.

Another significant factor strengthening India's economic landscape is its high savings rate. Between 1997 and 2023, the country accumulated an impressive $12 trillion in total savings, reflecting a strong financial foundation that supports long-term investment and spending.

With rising household consumption, workforce expansion, and substantial savings, India is positioned to reshape global economic dynamics. As the nation continues to grow, it is expected to play a central role in shaping future global markets.