At a time when Chinese consumption is slowing significantly, could India become a driver of global consumption? For now, this prospect presents considerable difficulties, with many obstacles to overcome. Despite dynamic growth and the Indian economy’s expanding share of global output (8.2% of worldwide GDP in 2025), the middle-class consumer population remains modest and is nowhere near the size of China’s. This is due to the concentration of employment in low-value-added and largely informal sectors.
