India retail market set to reach $2 trillion in next decade: Report

Mumbai: India continues to be a bright spot among the major economies and the retail market is expected to reach $2 trillion in next 10 years, presenting a large opportunity for retailers, a new report showed on Wednesday.

India is the fastest growing country among top five global economies and expected to become the third largest by GDP in 2030.

According to the report by the Boston Consulting Group (BCG) and the Retailers Association of India (RAI), the retail market growth is expected to continue at 9-10 per cent.

“The Indian retail sector will more than double in size to $2 trillion in the next decade across categories and formats, and the successful retailers are the ones who continue to challenge the perceived growth profitability trade off,” said Abheek Singhi, Managing Director and Senior Partner at BCG.

Store expansions continue to happen and with increasing urbanisation, there is more consumption expected to happen in tier 1 to 4 cities.

“While e-commerce continues to grow, net new user addition has seen a slower pace in the year and the role and proposition of online needs to be re-imagined,” the report mentioned.

Organised retailers need to sustain performance and continue to grow shares.

“Retail is going through key shifts impacting the pace and shape of growth,” the findings showed.

“Income growth remains steady, and consumers are optimistic on their personal income outlook. At the same time, consumers increasingly look to spend on ‘experiences’ or save more through newer/nascent vehicles.”

According to Kumar Rajagopalan, CEO, RAI, by focusing on personalised customer experiences, exploring new collaborations, and leveraging AI for efficiency, “we can propel India’s retail industry towards unprecedented growth and global competitiveness”.
IANS

New TRAI recommendations to streamline national numbering plan, boost telecom services

New Delhi: The government on Thursday issued recommendations on the revision of national numbering plan to ensure universal accessibility and reliable delivery of telecommunication services to consumers, businesses and industries....

Sensex, Nifty end lower as investors await RBI MPC decision

Mumbai: The Indian stock market on Thursday closed lower as investors remained cautious ahead of the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) decision on the rate cut...

Indian corporate healthcare sector likely to deliver 15 pc growth in FY26: Report

Mumbai: The Indian corporate healthcare sector is likely to deliver around 15 per cent growth (year-on-year) in sales over FY25-FY26, primarily led by growth in average revenue per occupied bed...

OpenAI to collaborate with India, Sam Altman hails PM Modi’s AI vision: Ashwini Vaishnaw

New Delhi: As the artificial intelligence (AI) race heats up globally, India has devised an exhaustive strategy to create a full AI stack and OpenAI is willing to collaborate with...

Gold hits all-time high at Rs 8,432 per gram amid geo-political uncertainties

Mumbai: Gold prices in India on Wednesday surged to an all-time high at Rs 8,432 per gram with an increase of Rs 1,322 as compared to Rs 8,310 on February...

Indian stock market trades flat, all eyes on RBI MPC meet

Mumbai: The domestic benchmark indices traded almost flat early on Wednesday, after the stock market experienced a strong upward movement as the US trade tariff tensions eased. After a positive...

Sensex surges 1,397 points, Nifty ends higher as investors track US tariff developments

Mumbai: The Indian stock market on Tuesday ended on a strong note with both the BSE Sensex and NSE Nifty closed with gains of more than1 per cent as investors...

Sensex, Nifty fall amid weak global trends; metal, oil & gas stocks hit hard

Mumbai: India’s stock markets on Monday were trading lower as weak global cues and a decline in Asian markets weighed on investor sentiment. The benchmark indices, Sensex and Nifty, struggled...

Budget 2025 boosts middle-class spending, gives a push to India’s toy industry

New Delhi: The budget 2025 was focused on increasing the spending power for India’s growing middle class and that is great for all manufacturers, irrespective of sectors, a top industry...

Indian stock market ends flat after Union Budget, small-cap stocks shine

Mumbai:The Indian stock market on Saturday closed flat over weak global cues as Union Finance Minister Nirmala Sitharaman presented the Union Budget 2025-26 in Parliament. Despite touching the day's high...

Indian stock market remains volatile post Union Budget

Mumbai: The domestic stock market on Saturday saw significant fluctuations after Finance Minister Nirmala Sitharaman presented the Union Budget 2025-26. Following an initial rise, both the BSE Sensex and NSE...

Sensex, Nifty surge as markets cheer Economic Survey ahead of Budget

Mumbai: The Indian stock market on Friday continued its rise for the fourth straight day as Finance Minister Nirmala Sitharaman presented the Economic Survey 2024-25 in Parliament ahead of the...

Read Previous

Not resigned, govt will complete full five-year term: Himachal CM

Read Next

All sectoral indices in red as markets see sharp selloff ahead of GDP data

WP2Social Auto Publish Powered By : XYZScripts.com