India Consumer Market: Finance Minister Nirmala Sitharaman has said that the size of India’s consumer market will double by the year 2031 and India’s contribution to global growth will increase to 18 percent in the next 5 years. The Finance Minister was addressing the Annual Business Summit 2024 of Business Chamber CII. The Finance Minister claimed that the government is going to be formed at the Center for the third consecutive time with a huge majority under the leadership of Prime Minister Narendra Modi.

$2.31 trillion opportunity

While addressing the business leaders at the CII event, the Finance Minister quoted the S&P Global Market Intelligence Outlook report and said that the country’s consumer market will double by the year 2031. He said that a big opportunity worth 2.31 trillion dollars is standing at the doorstep of the country. The Finance Minister said that the expenditure of the country’s consumers on food items will increase to 1.4 trillion dollars and an opportunity of one trillion dollars is waiting in this sector.

The Finance Minister said that S&P Global has said in its report that the expenditure on financial services in India will increase to 670 billion dollars and the country has an opportunity of 390 billion dollars. The Finance Minister said that India’s economy, which is growing at the fastest pace, will continue to grow at a fast pace in future also.

5 crore new jobs will be created

The Finance Minister said that India will continue to benefit from demographic dividend for the next 30 years. Due to this, there will be a rapid increase in consumption in the country. Quoting the World Economic Forum report of 2021, he said that 50 million new jobs will be created in the country, due to which an impact of 1 trillion dollars will be seen on the Indian economy.

Discussion will begin on the budget

The Finance Minister claimed that after the ongoing Lok Sabha elections in the country, the government will return to the Center under the leadership of Prime Minister Narendra Modi with a large majority. And after the formation of the government, various issues will be discussed with CII regarding the budget to be presented in the month of July and what can be improved in the budget. He said that consultation will be started for the budget to be presented in July. The Finance Minister said that the suggestions given by CII will be included in the budget to be presented in July.