Slowdown fails to stem India’s spending

New Delhi, August 29: Global slowdown has hardly dampened the commercial spending by Indian business establishments and government, with India bagging the third slot on a Commercial Consumption Expenditure (CCE) index among 21 countries in Asia Pacific. India also emerged as the fourth fastest growing economy in the pool of these countries; in terms of its increase in size of total expenditure over the previous year.

According to global retail e-payment network company Visa, the annual commercial spending in India is estimated at $ 2.3 trillion in 2007, an increase of 26 per cent over the previous year.

India accounted for 12 per cent of spending in Asia Pacific region and 2 per cent of global annual commercial spending. The total commercial spending in Asia Pacific and globally stood at $18.9 trillion and $77.3 trillion respectively, showing a growth of 13 per cent and 12.2 per cent over the previous year. While India trails Japan ($5.2 trillion) and China ($ 4.9 trillion) on the CCE index, South Korea and Australia occupy the fourth and fifth spot.

The CCE index captures business to business purchases to acquire goods and services used in production, wholesale and retail purchases of final goods, and Government spending on goods and services.

$ 2.3 trillion

Commercial spending in India in 2007, a growth of 26 pc over the previous year

$ 18.9 trillion

Total commercial spending in Asia Pacific, annual growth of 13 pc

$ 77.3 trillion

Total commercial spending all over the world, annual growth of 12.2 pc

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