With its large population, rapidly growing GDP, and increasing consumer spending, India is becoming an attractive destination for Vietnamese food and agro-product exporters. Over the next five years, Indian consumers are projected to become the largest spenders among G20 economies, with an estimated compound annual growth rate of 6.6%, compared to the G20 average growth rate of 2.7%. According to United Nations data, India became the most populous country in the world in 2023, with a population of around 1.4 billion, accounting for 18% of the global population. The country has seen strong population growth since the early 21st century, adding 400 million people from 2000 to the present. In addition to its large population, India’s rapidly growing GDP and rising consumer spending make it an attractive destination for Vietnamese food and agro-product exporters. After a period of decline due to the Covid-19 pandemic, India’s real GDP recovered in the 2021 financial year and grew by approximately 6.9% in 2022, one of the highest rates globally. Indian household spending has also risen steadily, showing no signs of slowing down. Over the next five years, Indian consumers are expected to be the largest spenders among G20 economies, with a compound annual […]
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