Glimpse of retail market in India

The retail market in India is expected to cross 1.3 trillion USD by 2020 from the current market size of 500 billion USD. Various reports have shown that modern retail with a penetration of only 5% is expected to grow about six times from the current 27 billion USD to 220 billion USD, across all categories and segments. The research paper here tries to understand the prevailing retail scenario in India in context with the north east. It also attempts to identify certain key issues that are acting as boosting agents along with few other deterrents that might have negative impact upon the industry. The retailers big to bigger ones are exercising all kinds of marketing tactics like promoting private labels, offering discounts during wee hours of morning or late till midnight to remain relevant and convenient. The Indian retail sector has contributed over 20% of the country‘s gross domestic product (GDP) and contributes 8% to employment. The current Indian demography where 500 under the age of twenty five have access to more money and this has resulted in demanding independence and lifestyle of their own. It is worthwhile to mention that retailers are able to estimate the trading area that can be tapped from country‘s rural population of 700million. The growth in Indian economy and the advantage of disposable income has given enough confidence to consumers to inflate consumption and bring marked changes in consumer behaviour.