The entry of several new players have made the Indian retail industry one of the most dynamic and fast-paced industries. In the retail space, India is the world’s fifth largest hub. Around 8 per cent of employment and 10 per cent of the country’s GDP is accounted for by this industry.
The Indian retail market is expected to nearly double to $1 tn by 2020 from $600 bn in 2015, primarily due to income growth, favourable demographics, entry of foreign corporations and high-speed urbanization. Online retail is expected to be at par with that of the brick and mortar stores in the next 5 years and the overall retail market is expected to grow at 12 per cent per annum. In the next 7 years, India’s retail sector will have requirement of about 18 million skilled manpower.
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