New Delhi, July 3 (IANS) India now has 247 million “entrepreneurial households” responsible for a whopping $8.8 trillion in transaction value for the fiscal year 2023, and expected to grow to $95.2 trillion by 2043 with an annual growth rate of 12.7 per cent, a report showed on Wednesday.
These “entrepreneurial households” will be key players in India’s next economic wave.
According to the report by Enmasse, Praxis Global Alliance, and Elevar Equity, the “entrepreneurial households” generate multiple income streams and use them along with borrowed funds to engage in high-value transactions involving important goods and services and business investments.
The report introduced a new term, ‘Core Transaction Value (CTV)’, which measures the total economic activity of these households, including all their earnings, borrowings, and spending.
“Given that we were taking a fresh approach to market sizing that felt almost impossible to begin — putting the customer segment first and not focusing on a sector or a product – we felt it is useful to provide additional visibility into our analysis and estimates, with triangulations from multiple sources,” said Madhur Singhal, Managing Partner and CEO, Praxis Global Alliance.
“Brands targeting these households have seen high returns on investment, comparable to the top companies listed in the Nifty50 stock index,” the findings showed.
The report underscored the importance of these households in driving future economic growth and prosperity in India.
“For entrepreneurs and investors, this presents a unique opportunity to innovate and invest in this rapidly growing market, potentially reaping substantial returns,” it added.
The “entrepreneurial households” are characterised by their savvy allocation of cash towards consumption and investments, which is indicative of their economic vitality, more than traditional income measures.
–IANS
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