India Witnesses Massive Growth in Retail Sector

November 17, 2007	(2 votes, average: 2.5 out of 5)  Loading ...
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Retail sector has witnessed an immense growth in the last few years. The key factors responsible for the retail boom have been the change in consumer profile and demographics, increase in the number of international brands available in the Indian market, economic implications of the government, increasing urbanization, credit availability, improvement in the infrastructure, increasing investments in technology and real estate building a world class shopping environment for the consumers.

If numbers are to be believed, India’s retail industry is estimated at about USD 350 billion and forecast to be double by 2015. After agriculture, retail is the largest source of employment and has deep penetration into rural India. Retailing contributes to 10% of GDP.

As per Associated Chambers of Commerce and Industry of India (ASSOCHAM), the overall retail market is expected to grow by 36%. The organized sector is expected to register growth amounting to Rs 150 billion by 2008. The total size of the market is also expected to increase to Rs 14,790 billion from the current level of Rs 5,880 billion.

Retail is amongst the fastest growing sectors in the country and India ranks 1st, ahead of Russia, in terms of emerging markets potential in retail.

News Published Under:   Retail Market in India |

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