Kathmandu— Private consumption in India is projected to reach nearly USD 1.9 trillion by 2030, driven by factors such as rising disposable incomes, rapid urbanisation, an expanding middle class, deeper internet penetration, and a strong digital payments infrastructure, according to a report released by FICCI and Deloitte during the 'FICCI MASSMERIZE 2026' event. The document underscores demographic shifts, increasing income levels, and evolving consumer expectations as key drivers of this growth.

Key Drivers of Consumer Growth

The report highlights several factors contributing to the surge in private consumption. With over one billion internet subscribers and 228 billion UPI transactions valued at approximately USD 3.6 trillion in 2025, India's digital economy is playing a pivotal role. The expanding middle class, coupled with rising disposable incomes, is driving demand for higher-quality products and services. Additionally, the report notes that Indian consumers are becoming more discerning and vocal about societal issues such as health and mental wellness.

Regulatory Landscape and Quality Standards

Addressing the regulatory challenges in this evolving market, Nidhi Khare, Secretary of the Department of Consumer Affairs, stressed the importance of prioritising quality standards. She noted an increase in consumer complaints and highlighted efforts to address these issues through updated regulatory mechanisms. The department plans to issue Improvement Notices under the Legal Metrology Act, giving manufacturers and retailers time to rectify minor mistakes before legal action is taken.

Khare also revealed that 'Smart Standards' are being developed to streamline compliance for businesses, aiming for a launch on World Standards Day in October 2026. These standards aim to bring India into alignment with developed countries by integrating advanced testing infrastructure and reducing human intervention.

(With inputs from ANI)

Originally published on abcnews.com.np.