PricewaterhouseCoopers (PwC) today said that India's middle class will grow in size to become a $1 trillion opportunity to be tapped for various consumer-oriented industries.
The country's total population will be around 1.36 billion by 2021 of which middle class will account for 570 million. The demographics will result in higher aspirations which will have to be served by companies, the consulting firm's Executive Director, Shashank Tripathi, told reporters here.
Companies in the retail and consumer goods, telecom, financial services, industrial products, and healthcare and pharmaceuticals space can benefit from this opportunity, he said.
Even though Asia's third-largest economy will urbanise faster, a majority of the demand for this $1 trillion opportunity will come from the rural areas, Tripathi said, adding that aspirational people indulging in vocations beyond agriculture will contribute to the demand.
Companies will have to pull up their socks and incorporate changes in product designs to make more disruptive offerings, work towards creating scalable business models and create a trust around the brand for leveraging on the opportunity, he maintained.