Real estate development in the country, for example, the construction of mega malls and shopping malls, is augmenting the growth of organised retail business. It is estimated that India’s consumer class will grow nearly twelvefold (from 50 million at present to 583 million) by 2025, with more than 23 million people taking their place among the world’s wealthiest citizens.
India’s retail market, valued at US$ 350 billion in 2008–09, is projected to grow at 13 per cent per annum. The country’s retail sector is the second-largest employer after agriculture, with retail trade employing 35.06 million and wholesale trade generating an additional employment of 5.48 million. Food is the largest segment in terms of its contribution to the total value of the retail market, followed by fashion and fashion accessories.
The share of organised retail in total Indian retail trade is projected to grow at 40 per cent per annum. Also, currently valued at US$ 3.5 billion, the Indian luxury retail market is expected to grow to US$ 30 billion by 2015, at an estimated growth rate of 25 per cent per annum, making India the twelfth-largest luxury retail market in the world. Dabur India Ltd, the Future Group, the Aditya Birla Group, the RPG Group and the Reliance Group have major presence in the country in the retail sector.Sectoral Presentation (April 2010)
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