Indian Economy News

E-tailing sector in India projected to grow at 18% by 2028-29: Report

The Indian e-tail sector is expected to reach a staggering US$ 60 billion in the financial year 2023-24, according to a report by Knight Frank India, a property consultancy firm. This burgeoning industry is projected to grow at a compounded annual growth rate (CAGR) of 18% by 2028-29.

The report, titled 'Think India Think Retail 2024', highlights the significant potential of the Indian retail industry, which accounts for 10 per cent of the country's gross domestic product (GDP) and employs 8% of the workforce. The industry is undergoing a rapid transformation, with the development of shopping centres and new retail destinations not only in major metropolitan areas but also in Tier 2 cities. At the current levels of consumption across all retail categories, the report suggests that the revenue potential of all shopping centres across Tier 1 and Tier 2 cities is expected to grow at a CAGR of 23% during the same period.

The growth in the e-tail sector can be attributed to the increasing adoption of technology and the changing consumer behaviour, which has led to a surge in online shopping. The report emphasizes the significant opportunities available in the Indian retail market, particularly in the areas of e-commerce, shopping centres, and the overall retail landscape. As the Indian economy continues to evolve and consumer preferences shift, the retail industry is poised to play a crucial role in driving the country's economic growth and development. The findings of the report highlight the need for businesses to adapt to the changing market dynamics and capitalize on the emerging opportunities in the Indian retail sector.

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