Global consultancy Deloitte has said the rise would be spurred by a growing middle class.
"By 2020, India is projected to be the world's third largest middle class consumer market behind China and the US. By 2030, India is likely to surpass both countries with an aggregated consumer spend of nearly $13 trillion," said Deloitte's report, 'India matters: Winning in growth markets'.
It noted that the unprecedented growth of the new middle class outside the western economy would be the most powerful economic trend in the coming decades.
"...rising average income levels among the Indian middle class are driving aspirational consumer behaviour, as people seek out higher quality products, better healthcare and more sophisticated services," the report said.
According to Deloitte, this shift would herald a golden period for a number of economies besides markets such as China and India developing their potential as economic powerhouses of the future.
"The explosion of middle class consumer power began to take shape in India during the 1990's, following trade liberalisation post-1991, an increase in foreign direct investment and the proliferation of information technology exports" it said.