The retails industry in India is the biggest among every one of the venture. Indian retails industry is continuously finding its way towards turning into the following blast industry. As per Ashish Bhalla, the retail part in India adds to around 10% of GDP.
One ought not to be inspired by the figures of the sorted out retail showcases since created advertise in US, Taiwan, Malaysia is as yet a fantasy to the Indian retail showcase. They have enrolled a development of half for every month.
The Indian retail industry has emerged as one of the most dynamic and fast-paced industries due to the entry of several new players. Luxury market of India is expected to grow to US$ 30 billion by the end of 2018 from US$ 23.8 billion 2017 supported by growing exposure of international brands amongst Indian youth and higher purchasing power of the upper class in tier 2 and 3 cities, according to Assocham.
Source - https://www.ibef.org/industry/retail-india.aspx
Following are some facts on India’s retail sector:
- The retail sector in the nation of 1.2 billion people is estimated to have annual sales of $500 billion, with nearly 90 percent of the market controlled by tiny family-run shops.
- Organised retail, or large chains, makes up less than 10 percent of the market but is expanding at 20 percent a year. This is driven by the emergence of shopping centers and malls, and a middle class of close to 300 million people that is growing at nearly 2 percent a year.
- India also allows FDI in cash-and-carry, or wholesale, ventures. Restrictions on foreign investment in retail existed because of opposition from millions of small shopkeepers who are valuable vote banks during elections.
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