 Early Times Report
Jammu, May 15: Leading industrial body, Confederation of Indian Industry (CII) has envisaged that the retail market in India will touch US $ 1.2 Trillion by 2020 and US $ 2.1 Trillion by 2025 from the present level of US $ 550 billion, generating 10-12 million Jobs in next decade.
According to a Report titled The Indian Retail Medley released jointly by CII and Wazir Advisors at the Conference on Retail themed as 'Decoding the Future of Retail' organised by Confederation of Indian Industry (CII) at New Delhi on Friday, "The organized retail in India is expected to grow 7 folds and online retail 26 folds, while the unorganized retail will continue to dominate".
The report further highlighted that "CII & Wazir are certain that the sector will get a transformational push with an aggressive collaboration between the organized, unorganized and online retail growth, driven by India's demographics with huge young and tech savvy population (500 million below 25 years), rising incomes and demand levels, urbanisation, attitudinal shifts and above all, a phenomenal and continuous rise in internet penetration across the country with the government's commitment to digitization".
"It is estimated there would be 550 million net users in India by 2018, as also the face of the Internet user will change dramatically, with higher penetration to the tune of 210 million in rural areas. The online retail would provide a superb platform to the unorganised retail to reach out to the consumers across markets in tier 3 & tier 4 cities", further highlighted the report.
"Time is absolutely opportune to 'Make in India for Retail in India, with our country being one of the fastest growing and most dynamic retail markets in the world. We must produce and sell in India. There is however a dire need to strengthen our supply chain management, identification of the consumers' needs, trained and skilled manpower and streamlining of our taxation system", highlighted Adesh Gupta, Chairman, CII Retail 2015 & Promoter, Liberty Group. |
