INDIAN RETAIL INDUSTRY AT A GLANCE IN 2022 - 2023
The Indian Retail industry in India accounts for over 10% of the country’s gross domestic product (GDP) and around 8% of the employment. India is the world’s fifth-largest industry in the retail space.
Indian retail market is expected to reach US$ 1.1 trillion by 2027 and US$ 2 trillion by year 2032.
India’s retail trading sector attracted US$ 4.68 billion FDIs in 2022-2023.
Online shoppers in India are expected to reach about 500 million in 2030 from about 150 million in 2020. The E-Commerce market is expected to touch US$ 350 billion in GMV (Gross Merchandise Value) by 2030.
Reasons for Retail Growth in India• Healthy economic growth
• Changing demographic profile
• Increasing disposable income
• Urbanisation
• Changing consumer tastes and preferences
• India has the third-highest number of e-retail shoppers ( behind China and the US).
Future prospectsOnline retail market in India is projected to reach US$ 350 billion by 2030 due to rising online shoppers in the country. Online penetration of retail is expected to reach 10.7% by 2024 versus 4.7% in 2019.
