India on track for third-largest economy status

New Delhi: India, at its current rate of growth, is likely to emerge as the world’s third-largest consumer market in 2026 and third-largest economy by 2028 -- next only to the US and China, according to a UBS report.

“India’s household consumption nearly doubled in the past decade to $2.4 trillion in 2024, recording a 7.9 per cent CAGR, stronger than China, the US and Germany. Our estimates indicate India’s consumer market is on track to become the world’s third largest in 2026, well before its GDP does by 2028,” according to the UBS report.