School of Management Studies, Mangalmay Institute of Management & Technology, Greater Naida, Uttar Pradesh, (Delhi. NCR).
West is once again looking towards India. Forbes's annual survey of billionaires of the world has got four Indians in top ten. And if the Ambani brothers are taken together, no billionaire in the world is even near to them. Whether it is software industry or retail industry or per capita income (which is expected to be doubled in the next decade) or purchasing power parity, everywhere it is 'Chake De India'. Indian economy is integrating with the world, and yet it simultaneously has its own dynamics, which cushion global shocks as in no other country. It has been a long way since India embarked on an ambitious economic liberalisation programme. Over the last seven years, many of its fruitful benefits have manifested themselves and one of the areas where growth is clearly reflected is retailing. The retail scenario in India is unique. The latest pronouncements of Finance Minister P. Chidambaram about the sector have also fuelled more interest in the segment. Favourable demographics, rising consumer incomes, real estate developments, especiaLLy the emergence of new shopping malls, availability of better sourcing options-both from within India and overseas-and changing lifestylefare the prime reasons that fuelled this boom. These factors have transformed hit her to savings-oriented and conservative Indian consumers and made them akin to those in developed markets.
