With 63% of its population in the age group of 15-64 years and 31.8% in the age group of
0-14 years, the opportunities were very attractivexxxvi. In 2006, India achieved an 8.5% GDP
growth. The middle class formed the backbone of the Indian market and it was the rising
income of young middle class that fueled its growth. 56 million households in India earned
US$4400 – US $21,800 a yearxxxvii. In its pursuit for better living and improving the quality
of life, middle class in India exhibited strong aspirations to grow financially stronger. This
key factor made India an active potential market for companies into areas such as food
retailing, consumer durables, automobiles etc.