India most attractive consumer market across the globe: Fibonacci X report
India has emerged as the most attractive consumer market across the globe with trends in consumption in smaller markets likely to merge with large cities, said a report by venture platform and accelerator Fibonacci X, adding that India is poised to grow in the range of 6-10% over the next few years, barring any black swan event.
This will help attract higher investments across sectors. The services sector is likely to continue to drive strong economic growth in the country.
“Going by economic growth trends, India is poised to be a global hotspot for economic growth. India is not insulated from world risks, but can overcome them faster. We are expecting a growth fuelled future for Bharat,” Kulmani Rana, Founder and CEO, Fibonacci X, said.
Manufacturing growth has remained stagnant and future growth hinges on the output of new policy initiatives. The report indicates a huge uptick in manufacturing projects in 5 – 7 years. Many projects under PLI scheme are expected to start giving returns in the coming 5 years or so. Overall, the ease of doing business is expected to consistently improve because of active initiatives and competition faced by other countries. Several offshore registered companies are expected to return to India, according to the India Growth Story (2023-34) report.
The contribution of agriculture, which is the primary source of livelihood for about 60% of the population, has remained similar for the last decade. Agriculture remains the pain point and the most underperforming sector, according to
