As recently as 2014, India's GDP (measured in current, a.k.a. "nominal", dollars at market exchange rates) ranked tenth globally. Having overtaken Russia, Italy, and Brazil over the past four years, India is on track to eclipse both the United Kingdom and France in 2019 to become the world's fifth-largest economy in current dollars. On a purchasing power parity basis (i.e., adjusted for differences in the cost of goods and services), India's economy is already larger than those of Germany, the UK, and France combined. More to come on this topic in an upcoming dispatch.
India’s current average income is roughly comparable to that of 2005 China, 1990 Thailand, 1985 South Korea, or 1965 Japan. In each of those countries, this level of per capita GDP marked an inflection point for the consumer economy – kicking off a decade or more of accelerated growth in spending on everything from branded dairy products to air travel. More to come on this topic in an upcoming dispatch.
India's air passenger traffic has tripled over the past decade, driven by the rapid expansion of low-cost carriers such as IndiGo. By the mid-2020s, India is expected to displace the UK as the world's third-largest aviation market. More to come on this topic in an upcoming dispatch.
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