Indian Retail Marketing Scenario A Pivotal Role Towards Economic Growth

The Retail Sector of Indian Economy is going through the phase of tremendous transformation. The impact of the alterations in the format of the retail sector changed the lifestyle of the Indian consumers drastically. The evident increase in consumerist activity is colossal which has already chipped out a money making recess for the retail sector of Indian economy. Nowadays the Indian consumers are well versed with the concepts about quality of products and services. These demands are the visible impacts of the Retail Sector of Indian Economy. This showed growth for the industry on the whole, the last quarter of 2008 was impacted by the economic slowdown and liquidity crunch. Since the markets always have internally linked with each other, the impact of the crisis is generally shared among all. The share of retail trade in the country's gross domestic product (GDP) was between 8–10 per cent in 2007, and is likely to contribute to 22 per cent of India's GDP by 2010, as per a study conducted by the Indian Council for Research on International Economic Relations (ICRIER). India's huge middle class base and its untapped retail industry are key attractions for global retail giants. Driven by changing lifestyles, strong income growth and favorable demographic patterns, Indian retail is expected to grow 25 per cent annually. It is expected that retail in India could be worth US$ 175–200 billion by 2016. The objective of the present paper is to examine various components that are supporting Retail marketing to accomplish double digit economic growth in the years to come.