The Indian retail industry is the fifth largest in the world. It's one of the rising sectors with huge growth potential and accounts for 14-15% of the country's GDP. It is one of the fastest growing industries in India, especially over the last few years.
Estimated to be worth more than US$ 500 billion, the Indian retail industry is considered as one of the world's top five retail markets in terms of economic value. India's strong growth fundamentals along with increased urbanisation and consumerism have opened up immense scope for retail expansion. Further, easy availability of Debit/ Credit cards has contributed significantly to a strong and growing online consumer culture in India. With the online medium of retail gaining more and more acceptance, there is a tremendous growth opportunity for retail companies, both domestic and international. Currently, the online retail penetration in India stands at around 60 per cent, according to a report by an industrial body.
Factors driving growth are:
Growing trend of double-income households
Increase in disposable income and customer aspiration
Increase in expenditure for luxury items
Large working population
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