It is ironical then that we may right now similarly be losing out on another revolution. India continues to regret missing out on the industrial revolution in time. The impact of that shift – let us call it the historic ‘Manchester moment’ – still significantly determines where India stands vis-a-vis the developed world. It owed as much to political power and exploitative economic and trade policies. It was not just because of western command over science and technology. Between 17, India’s share of global industrial production slumped from 25% to 2%. As machines in Manchester began to spin the bulk of global textile production, within decades, India went from the world’s top textile exporter to a net importer. Potential downsides of soaring consumption include increased amount of solid waste and decline in domestic savings and investment rates.īetween the 18th and 19th centuries, the industrial revolution re-configured global economic and political power. Rapid growth in sales of consumer products and services is driving other sectors, including retail, e-commerce, paper and packaging, advertising, media, sports and entertainment. Strong demand for fast moving consumer goods is drawing large new investments of hundreds of millions of dollars. Expanding middle class, particularly millennials with rising disposable incomes, is demanding branded and packaged consumer goods ranging from personal and baby care items to food and beverage products. The country's retail market is the fastest growing in the world, according to Euromonitor. Online sales in Pakistan's $152 billion retail market are doubling every year, according to Adam Dawood of Yayvo online portal. Share of active m-wallets has also seen significant growth from a low of 35% in June 2015 to 45% in September 2017. About 22 percent of these accounts – 7.4 million – are owned by women, up 29% seen in Jul-Sep 2017 over previous quarter.

According to recent State Bank statistics on branchless banking (BB) sector, mobile wallets reached a high of 33 million as of September 2017, up 21% over the prior quarter. Mobile wallets, also called m-wallets, are smartphone applications linked to bank accounts that allow users to make payments for transactions such as retail purchases. Ant Financial, an Alibaba subsidiary, has just announced the purchase of 45% stake in Pakistan-based Telenor Microfinance Bank. He expects them to pass $1 billion in the current fiscal year (2017-18), two years earlier than the previous forecast.Į-commerce in Pakistan is being enabled by increasing broadband penetration and new online payment options. Adam Dawood of Yayvo online portal estimates that e-tail sales are doubling every year. Online sales in Pakistan's $152 billion retail market are growing much faster than the brick-and-mortar retail sales.

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