🇮🇳 Why do we have to grab the Indian market?
- population
The world’s population is expected to reach about 8.5 billion by 2030.
India is currently estimated to have a population of about 1.34 billion, rising to 1.51 billion by 2030 and to 1.66 billion by 2050.
This will make India the most populous country in the world, overtaking China within this decade. India’s population is expected to peak at 1.7 billion in 2064 and then gradually decline to reach 1.44 billion by 2100, according to the U.N.’s “middle-variant” projection.
- economic growth
India’s economic growth is expected positively. The International Monetary Fund (IMF) raised its outlook for India’s economic growth for the current fiscal year to 6.3 percent from 6.1 percent. Deloitte expects 6.5% to 6.9% growth in FY 2022-23, 5.8% to 6.3% growth in FY 2023-24. The Asian Development Bank (ADB) also forecasts 6.4% growth in fiscal 2023 and 6.7% growth in fiscal 2024, attributable to increased private consumption and private investment.
World Bank projects India’s GDP growth at 6.3%, even if external conditions are challenging. The OECD believes weakening global demand and tight monetary policy to manage inflation will limit India’s economy, but consumer spending will be boosted again by the introduction of an easing policy in the second half of 2024.
Moody’s Investment Services said it raised India’s economic growth rate to 6.7% from an earlier estimate of 5.5% and posted growth of 7.8% in the April-June quarter of 2023. This is due to the expansion of the service sector and the increase in capital expenditure.
These projections agree that India will continue to grow over the next few years on the back of solid domestic demand and increased investment. This growth rate of the Indian economy aims to become the world’s third largest economy, with GDP estimated to exceed $5 trillion by 2027.
- India vehicle sales ranking for 2023
1위 : Maruti Suzuki WagonR
2위 : Maruti Suzuki Swift
3위 : Tata Nexon
Currently, many low-cost vehicles are sold in India, but Tesla’s low-cost EV will be competitive enough if it spreads.
source1 : weforum.org/agenda/2022/08…
source2 : forbesindia.com/article/explai…