The phenomenal growth of retail industry in India is both visibly evident and remarkable. As one of the most dynamic industry, retail acquires about 10 and 8 percent share of our country’s GDP and employment respectively. Nevertheless, India is also deemed as the 5th largest destination in the world for the retail business. Now this is quite an achievement for all of us!
According to a retrospective report shared by the Boston Consulting Group, by the year 2020, Indian retail market would nearly grow to US$ 1 Trillion. In comparison to the present day worth of US $ 600 Billion, the retail market in India will nearly double the worth in coming times. Looking for some more amazing facts? Have a look-
• If reports are to believe, then the retail market in India is growing at a whopping rate of 12 percent per annum.
• For the single brand segment, the retail market has an FDI support of 100 percent. Contrary to this, the Multi brand retail is supported by 51 percent.
• Among several developing countries, the Indian Net Retail Sales figure is fairly impressive. India ranks third in the list (only after China and Brazil).
• The Government of India is also taking promising steps to establish Retail trade in the country. We saw IKEA, the world’s largest furniture retailer, establishing the brand presence in Hyderabad with the joint effort of Telangana and Andhra Pradesh Government.
The steady growth of retail in India has paved way for a promising future. Nevertheless, it has landed customers in the winsome reigns of choice and opportunities.