‘India to turn 5th largest consumer market’

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: The middle-class will reach 583 million from the current 50 million by 2025 if high economic growth holds and the government undertakes reforms, a report by management consultancy firm McKinsey said on Thursday.

The report also said if India’s high economic growth was sustained, incomes would triple over the next two decades and India would become the fifth-largest consumer market by 2025, from 12th place now, surpassing Germany.

“The emergence of a huge middle-class is not a question of if but when for India,” Adil Zainulbhai, country managing director of McKinsey and Company, was quoted as saying in a statement.

“Indian incomes will almost triple if the government forges ahead on a systematic reform programme, promotes competition, contains the fiscal deficit and inflation and invests in infrastructure, healthcare and education.”

India, Asia’s fourth-largest economy, has grown at an average 8.6% in the past four years, and the Reserve Bank forecasts it will expand 8.5% in the fiscal year to next March.