RFID technology: Standardisation and maturity of the technology enabled by the growth trends and economic benefits of the retail industry

The retail sector has been steering India's growth story. The sector growing from strength to strength and has evolved drastically from traditional village trade fairs, street vendors or hawkers to resplendent malls and plush outlets. According to the (ICRIER), Indian Council for Research on International Economic Relations, India is expected to grow at a CAGR of over 15% till FY15 and is the seventh-largest retail market in the world. In FY17 retail sales reached Rs 15,300 bn and amounting to around 37% of India's GDP at current market prices. The total domestic trade (both retail and wholesale) constituted 1.0% of country's GDP in 1999–2000, which has gone up to 16.1% in FY17, according to the Central Statistical Organization (CSO) estimates. Mega retailers-Crosswords, Shopper's Stop, and Pantaloons and the corporate players – the Piramals, Tatas, Rahejas, ITC, S.Kumar's, RPG Enterprises, compete to revolutionize the retailing sector, and hence retail as an industry in India is growing. Retail sales in India expanded at an average annual rate of 10% during 2010–2014 and amounted to about Rs.15,000 billion in 2015.