India has more affluent households than many European countries, Indian economy flourishes, study points out.
“India and China have overtaken many European countries in this measure of consumer wealth”, according to a new Global Affluent Investor study by leading research company TNS. Indian economy flourishes and many new billionaires/millionaires emerge every day.
India appears in the top five countries where the affluent have more than one million dollars investable assets on average, study indicate.
Indian Economy : Stronger than ever
Reg van Steen, TNS Director Business and Finance, comments: “…emerging markets will become new centres of affluence in coming years. Economic status in India and China have already surpassed major European markets like Germany and France”.
India Wealth Distrubition : Biggest contrast in Indian Economy
But there is big contrast in wealth distribution as only around one percent are affluent in India. Among 80% if affluent households in India, men are the primary decision makers. Indian investors are keen investors in precious metals, study adds.
Meanwhile, Indo-American statesman Rajan Zed stated that although India was on track to become a global power, but her new prosperity had remained evasive for many. Despite economic miracle, many Indians still lived in desperate poverty. Inequalities in opportunities blocked poor people from participating in the growth process and they remained trapped in vicious cycle of poverty. It was blight on a country, which prided herself on having joined the league of hottest growth economies.
Rajan Zed, who is Chairperson of Indo-American Leadership Confederation, also appealed to India’s billionaires/millionaires, who had enormously benefitted from India’s economic growth, to pledge some of their wealth to charitable causes aimed at poverty eradication. Quoting scriptures, Zed said that charity was a duty, which should be undertaken with sympathy and modesty.
Rajan Zed urged India to wake up and deal with her monumental poverty crisis at an emergency level as according to an estimate, about one third of world’s poor lived in India.
Indian companies in USA and UK create mutual benefits
The Global Affluent Investor delivers insights into the investment behavior of affluent households worldwide. TNS advises clients on specific growth strategies around new market entry, innovation, brand switching and stakeholder management. Kantar, of which TNS is a part, claims to be one of the world’s largest insight, information and consultancy groups. Kantar is a company of WPP which claims to be world’s largest communications services group. Headquartered in London, Sir Martin Sorrell is WPP CEO while Eric Salama is CEO of Kantar and TNS.
Meanwhile American businesses have leveraged India economy’s strengths to produce globally competitive products, while Indian companies have invested $21 billion in the United States, according to India’s US Ambassador Nirupama Rao. Private participation in trade and investment has created strong networks of value creation, she said at a forum last week underlining the significant mutual advantages of India-US economic engagement.
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