These significant developments brought about the rise of ‘Great Middle Class of India’, which enthusiastically embraced the entry of global brands. It is one of the fastest growing consumer classes in the world. It is believed that if it continues to grow at its present rate, by 2025 India’s middle class will constitute 50% of the population.
The business service sector of India (including information technology, information technology enabled services, and Business Process Outsourcing) is one of the fastest growing sectors. The Information Technology segment of the country has come up in a big way with excellent resources and infrastructure to back up. The companies such as TCS, Infosys, and Wipro are growing at an astounding rate. Meanwhile, the growth of the Business Process Outsourcing (BPO) is credited with the presence of large number of young, well-qualified English speaking force. suitable for the operations of the services. The excellent infrastructure back up and lowest communication cost has facilitated the growth of these sectors.
The present open environment has helped India immensely in its economic growth. Today, the economy of India is the fourth largest in the world as measured by purchasing power parity and several economic studies suggest that in the 21st century India along with its neighbor, China would displace USA from the numero uno position on the economic slot.
