1Assistant Professor, Deptt of Commerce & Management, Indira Gandhi University, Meerpur, Rewari, Haryana
2Assistant Professor, Deptt of Management, PDM, Bahadurgarh, Haryana
Online published on 20 May, 2016.
The Indian government does not recognize retail as an industry. In India 98 percent of the retail sector consists of counter-stores and street-vendors, with no large players, inadequate infrastructure and a small affording population that believed in saving rather than spending, Indian retail never attracted the interest of large corporations. The Indian retail industry has emerged as one of the most dynamic and fast-paced industries due to the entry of several new players. It accounts for over 10 per cent of the country's Gross Domestic Product (GDP) and around 8 per cent of the employment. India is the world's fifth-largest global destination in the retail space. The Boston Consulting Group and Retailers Association of India published a report titled, ‘Retail 2020, Retrospect, Reinvent, Rewrite’, highlighting that India's retail market is expected to nearly double to US$ 1 trillion by 2020 from US$ 600 billion in 2015, driven by income growth, urbanisation and attitudinal shifts.
Retail, Prospects, Organized Sector, Vendors and Indian Industry
