

India is an emerging economic powerhouse. India's economic success story began in the 1990's with the liberalization of its economy. From being referred to as a " land of snake charmers, elephants and maharajas", India alongwith China is the cynosure of all eyes around the world. The boom in the Indian economy has led to the rise of a new affluent middle and upper-middle class who have a large spending power. India is home to a rising number of billionaires and many of them have made it Forbes World Top 250 billionaire list. There has been an increase in the numbers of cars on the road and the reach of telephones. People are lapping up FMCG products like never before. There are some cities of India like Delhi, Bangalore, Pune, Hyderabad and others which have grown at a tremendous pace. Some of these major cities of India have also witnessed a phenomenal increase in the per capita incomes of people. With a population of some 1,027 million people, India is now the second country in the world, after China, to cross the one billion mark. The United Nations now estimates that by 2050 India will have overtaken China as the most populous country in the world. Today, Indians make up 16.7 per cent of the world’s population with an annual growth rate of close to two per cent. China's annual population growth is only one per cent, while the world population is growing at an annual rate of 1.4 per cent.