Indian Economy News

India: Retail sector to reach US$ 1.2 trillion by 2020

  • IBEF
  • January 19, 2016

India’s retail sector is expected to double to US$ 1.1-1.2 trillion by 2020 from the current US$ 630 billion, according to a recent report. Factors like income growth, rapid urbanisation and more nuclear families leading to higher per capita consumption are expected to play an important role in the strong growth projected for the Indian retail sector. The joint report from Confederation of Indian Industry (CII) and The Boston Consulting Group further said that the overall growth will be driven by key demographic changes. By 2020, there will be a 70 per cent rise in the income level and 100 million more youths will enter the workforce.

In another significant development, India’s domestic airlines carried 81.09 million passengers in calendar 2015, as against 67.38 million in the previous year, registering a growth of 20.34 per cent. Falling fares and more flights are some of the key reasons attributed to the strong growth in the said period. During December 2015, domestic airlines registered a strong 19.71 per cent growth compared to the corresponding month in the previous year, according to data released by the Directorate General of Civil Aviation (DGCA).

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.

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