According to figures from the World Bank and the United Nations, India is projected to surpass China in both economic size and population within a few short decades, meaning that one would be remiss to discount India’s role as an economic titan in the coming years.
9 incredible business facts about India
1. Consumer spending in India is expected to triple to $3.6 trillion by 2020 compared to just $991 billion in 2010.
2. India has the world’s largest dairy cow population, home to 17.2% of the word’s cows. The nation recently overtook the European Union to become the world’s largest producer of milk. In 2014, Indian dairy cows produced 132.4 million tonnes of milk.
3. By 2030, it’s expected that India will become the world’s third largest economy with a projected GDP of $13,716 billion.
4. The top 25 richest people in India have a combined net worth of about $174.8 billion, equivalent to the entire GDP of Ukraine. Additionally, India’s wealthiest man Mukesh Ambani possesses the world’s most expensive home, which cost $1 billion to construct.
5. A 2013 law states that non-residents of India and foreign visitors may not take rupees, the Indian currency, out of the nation. It is mandatory for non-resident Indians and foreigners to convert all of their Indian cash to some other currency before leaving the country.
6. India exports over $415 million worth of hair a year. Hindu pilgrims often donate hair in temples as an offering, especially if they cannot afford to donate money or jewellery, and this hair is later sold to international companies that make wigs and weaved in extensions.
7. India is the world’s largest consumer of whiskey by volume. In 2012, Indians consumed about 1.2 billion litres of whiskey. On a per capita basis, however, France takes the top spot.
8. Textile manufacturing is the second largest source of employment in India, followed by agriculture. The textile industry in India employs 20 million people and accounts for 20% of manufacturing output.
9. India is expected to be the world’s most populated country by 2050 with 1.6 billion people, which is almost equal to the populations of the US and China combined.