India's private consumption projected to reach USD 1.9 trillion by 2030: FICCI-Deloitte report

Private consumption in India is projected to reach nearly USD 1.9 trillion by 2030, supported by rising disposable incomes, rapid urbanisation, an expanding middle class, deeper internet penetration, and a robust digital payments ecosystem, according to a report released by FICCI and Deloitte.

Private consumption in India is projected to reach nearly USD 1.9 trillion by 2030, supported by rising disposable incomes, rapid urbanisation, an expanding middle class, deeper internet penetration, and a robust digital payments ecosystem, according to a report released by FICCI and Deloitte. The FICCI-Deloitte report, titled 'Consumer Trends: IGNITEing Growth and Governance', was released during the inaugural session of 'FICCI MASSMERIZE 2026' on Tuesday. The document highlighted that demographic shifts, rising income levels, and evolving expectations are actively reshaping the nation's consumer economy. Supported by over one billion internet subscribers and 228 billion UPI transactions valued at roughly USD 3.6 trillion in 2025.

The report noted that Indian consumers were no longer solely cost-conscious, but had become discerning, evolved, anxious, and vocal regarding choices affecting society, health, and mental wellness. To capture emerging opportunities across FMCG, retail, and e-commerce, businesses faced the need to navigate a regulatory landscape covering product quality, safety, labelling, consumer protection, environmental obligations, digital commerce, and data governance. Addressing the gathering during the report launch, Nidhi Khare, Secretary, Department of Consumer Affairs, Ministry of Consumer Affairs, Food & Public Distribution, stressed the necessity of prioritising quality standards in manufacturing and sales.

"The time has come for us to realise that we cannot grow unless we address quality concerns in our manufacturing processes and in the way we sell products to consumers. There has been an increase in the number of consumer complaints," Khare said. She stressed that the government is actively supporting industry players to minimise consumer grievances through updated regulatory mechanisms.

"This is the first time that, under the Legal Metrology Act, we will be issuing Improvement Notices to manufacturers and retailers, giving them time to rectify minor mistakes before the case is taken up for compounding," she added. Khare further revealed that the department was working on introducing 'Smart Standards' to streamline compliance for businesses, targeting a launch on World Standards Day, October 14.

"We are trying to complete the process by World Standards Day on October 14. This will bring India into the club of developed countries where standards are becoming smart standards," she noted. Highlighting the need for advanced testing infrastructure, Khare outlined plans to integrate technology to reduce human intervention and lower costs for smaller enterprises.

"We need to scale up our testing infrastructure to test more samples with greater accuracy and less human intervention. We are going to start using AI and robotics to enhance the testing infrastructure. This will also help bring down testing costs for MSMEs and enhance the accuracy and traceability of tests," she stated. Speaking on changing market trends, Jeyandran Venugopal, Chair of the FICCI Retail and Internal Trade Committee and President & CEO of Reliance Retail Ventures Ltd., emphasised internal innovation and understanding evolving demographics.

"The way Gen Z consumes products today is very different from how other generations consume products. Understanding and aligning products with the needs of different generations is important," Venugopal said. Manish Anandani, Co-Chair of the FICCI FMCG Committee & Managing Director of Kenvue India, pointed to the FMCG sector's contribution to national development goals.

"India's consumer economy remains one of the most compelling growth stories globally, with the FMCG sector serving as a key driver of inclusive development, job creation, as well as shaping the future of everyday health and well-being for millions of consumers. Powered by rising consumer aspirations, rapid digital adoption, and a vibrant innovation ecosystem, the sector continues to play a pivotal role in advancing India's vision of Viksit Bharat 2047," Anandani noted. Highlighting the structural shifts in retail and consumer preferences, Jyoti Vij, Director General of FICCI, detailed how companies were adapting to modern consumer priorities.

"India today stands at the cusp of a remarkable transformation. Consumers today seek not only quality products but also personalised experiences, convenience, transparency, trust, and sustainable choices. Businesses, in turn, are leveraging technology, omnichannel strategies, and innovation to remain competitive," Vij said. (ANI)