India is one of the fastest growing economies in the world. According to the International Monetary Fund (IMF), India will outgrow China (growth projected at 6.3 per cent) with a GDP growth rate of 7.5 per cent during the period of 2015-16. With a middle-class population of about 23.6 million people, India ranks 8th among 215 countries in terms of the number of middle-class adults in 2015.1 McKinsey & Company (2007) predicted that if the Indian economy grows at 7.3 per cent between 2005 and 2025, the share of the middle class in the population will increase from 5 per cent to 41 per cent, and it is this group that will drive future demand and consumption patterns in India
