India is projected to account for 16 per cent of global consumption at purchasing power parity (PPP) by 2050, up from 4 per cent in 1997 and 9 per cent in 2023 according to World Data Lab, a McKinsey Global Institute analysis said in a report on “Dependency and Depopulation: Confronting the Consequences of new Demographic Reality” released a few days ago. Only North America, with a 17 per cent share in 2050, will have a higher consumption share. PPP is a way to compare the value of different currencies by adjusting for price differences between countries.