Retail - #SectorUpdates

Indian retail industry is one of the most dynamic and fast-moving industries being the world’s fifth-largest global destination in the retail space. Retailers Association of India (RAI) has reported a growth of 15% in the retail sector compared to the pre-pandemic situation. Indian retail market is projected to grow from $690 billion to $2 trillion during 2021 – 2032. The retail sector significantly contributes to Indian GDP by 10% and employment by 8% annually. The government of India has allowed 100% FDI in the online retail of goods and services providing clarity on the existing businesses of E-commerce companies operating in India. In 2022, Government approved the PLI scheme for textiles products for enhancing India’s manufacturing capabilities and enhancing exports with an approved financial outlay of US$ 1.37 billion over a five-year period. Long term outlook of the industry looks positive supported by rising income, favorable demographics, entry of foreign players and increasing urbanization.

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