The rapid growth of the Indian economy is likely to make India the fifth largest consumer market in the world by 2025, according to a study by McKinsey Global Institute. Aggregate Indian consumer spending is estimated to quadruple to approximately US$ 1.5 trillion by 2025, on the back of a ten-fold increase in middle class population and a three-fold jump in household income.
Robust expansion of the Indian shipbuilding, construction and energy, particularly wind power sectors will underline strong growth of the Indian welding & cutting market over the medium- and long-term. While the financial meltdown has adversely affected most end user industries for welding equipment in India, energy, construction and shipbuilding sectors have, to a large extent, been recession-proof and have been generating moderate demand. A key driver boosting market