100 million Indians to be affluent by 2027: Report
Friday, 12 January 2024 'Affluent' Indians may number 100 million in four years. To put this in perspective: There are only 14 countries in the world with a population of 100 million-plus. And these Indians, already responsible for a consumer and wealth creation paradigm shift, will have an even bigger impact on everything from luxury goods to stock market, from SUVs to jewellery. A Goldman Sachs report released on Friday - 'The Rise of Affluent India' - defines affluence as income of over $10,000 per annum, Rs 8.3 lakh in current exchange rates.
Q1 Update Reveals , US Economy Grew Slower , Than Initially Thought.
Yahoo Finance reports that the United States economy grew at a slower rate than initially thought during the first quarter of 2024.
According to the Bureau of Economic Analysis' (BEA) second
estimate of the Q1 gross domestic product (GDP), the
economy grew at 1.3%, down from 1.6% reported in April.
The BEA said the updated numbers , "primarily reflected a downward
revision to consumer spending.".
Personal consumption in Q1 grew at just 2%,
down from the 2.5% previously reported. .
The weaker headline growth
statistic looks discouraging, but it
belies solid underlying momentum
as the economyβs core β private
domestic sales to domestic
purchasers β showed a healthy
expansion of 2.5% annualized, Oren Klachkin, Nationwide financial
markets economist, via Yahoo Finance.
Yahoo Finance reports that many
economists do not perceive the slowdown
as the beginning of a broader trend. .
Before the latest numbers were released,
Goldman Sachs had forecast 3.2%
annualized growth in Q2. .
At the same time, the Atlanta Fed's GDPNow
has projected Q2 annualized growth of 3.5%. .
Monthly data beyond
March generally point
to a continued, albeit gently
cooling, economic expansion, Oren Klachkin, Nationwide financial
markets economist, via Yahoo Finance.
We anticipate continued
GDP gains this year
and a healthy advance
in 2024 overall, Oren Klachkin, Nationwide financial
markets economist, via Yahoo Finance
Credit: Wibbitz Top Stories Duration: 01:30Published