Retail

India's retail industry to reach $2 trn by 2032: Report

28 Apr '22

2 min read

Pic: Dreamstime.com

India’s retail industry has resumed its growth trajectory and is likely to see 10 per cent annual growth to reach nearly $2 trillion by 2032, according to a report by the Boston Consulting Group (BCG) and the Retailers Association of India (RAI). E-commerce in the country is expected to reach $130 billion by 2026 compared to $45 billion in 2021, it said.

BCG managing director Abheek Singhi said the next decade will see organised retailers focus on footprint expansion across all formats to fuel growth.

The report, titled 'Racing towards the next wave of retail in India', said while certain industry segments like food and grocery, restaurants and quick service restaurants (QSR), and consumer durables have recovered to pre-COVID levels, others like jewellery and accessory, apparel and footwear remain on track to a full recovery.

''The Indian economy continues to be driven by consumption and we are observing that consumption growth is back in the positive territory after the two-year COVID pause,'' Singhi was quoted as saying by a news agency.

India's consumption, which was growing at approximately 12 per cent before the pandemic, went into negative territory during the pandemic, but has now recovered at 17 per cent to surpass pre-pandemic growth levels.

Fibre2Fashion News Desk (DS)

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