But, here we're not measuring total GDP,
total gross domestic product, we're only measuring consumption by the middle class.
In other words, we're excluding investment, and we are excluding
consumption by people outside of each of these countries, meaning exports.
We know that China invests and exports huge amounts of money every year.
India invests and exports much less than China,
in other words, whatever size the Indian economy has, a greater proportion of it
is going to be domestic consumption and most of that by the middle class.
Now also keep in mind, that beginning in roughly the year 2025, India,
we have for the first time in a long time, a greater population than China.
And finally and most importantly from my point of view, India will continue
to have for the foreseer for the future a much younger population than China.
Now, that's important to remember, because young people in their 30's,
in their 40's are more likely to purchase automobiles, homes,
and other consumer goods that are durable, and that,
those items contribute big time to the size of the domestic consumer market.
Let me share with you two maps, so that you can see the dynamic
evolution of middle class consumption in the world moving forward.
So the first map refers to the year 2015, and each circle here represents a country.
The bigger the circle the more middle class consumption there is in that market
as of the year 2015.
And I'm going to show you the medium projection to the year 2030.
And if you compare the two maps, you can see the enormous growth in
middle class consumption, that is going to be taking place in emerging markets,
especially China and India, over the next 15 years.