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India is the country of the future. Its economy is robust, with strong fundamentals, and it will continue to be one of the fastest growing markets in the world for years to come.
The vast and growing Indian market is a reality. The increase in the number of households headed by salary earners, professionals and businesspersons, along with the emergence of a thriving consumer finance business, have led to a steep rise in the number of consumers with greater disposable incomes. Expenditures on consumer durables has shown an impressive growth in the last decade.
India offers one of the largest markets in the world for manufactured items of mass consumption such as clothing, footwear, detergents and cooking oil. Markets for most manufactured products have exhibited strong growth rates over the past few years. Rural areas, where more than 70 percent of Indians live, have witnessed rapid market growth recently, driven largely by agricultural growth, income redistribution and inroads made by the audio-visual media. The rural share of the durable goods market has steadily grown over the last few years.
This is only an excerpt of the full article that appeared in P&F Magazine. The full content is not currently available online.