Retail sector in India projected to grow at 10%

A Federation of Indian Chambers of Commerce and Industry (FICCI)-Deloitte report, titled ‘Konnected to Consumers’ suggests that Indian retail industry growing at 10 per cent, may almost double to Rs 85 trillion (lakh crore) by 2021.

11 Sep 2017 | By Sriraam Selvam

The report also added that the projected growth will be steered by consumer data and technology disruptions in the retail and FMCG sectors with consumer experience being the focal point.

According to the data-intensive report, the consumer industry is one of the most dynamic and amongst the fastest-growing industries in India which in itself is currently estimated at Rs 45 trillion.

While speaking to a leading business publication, Rajat Wahi, partner, Deloitte Touche Tohmatsu India said, “Consumer retail forms an integral part of the industry with the current estimated size of more than Rs 45 trillion. It is further expected to witness a CAGR of over 10 per cent in 2016-21 to reach a size of Rs 85-trillion by 2021."

According to the report, which was released by Harsimrat Kaur Badal, minister for food processing industries, at Massmerize 2017- a two-day conference, the spend on digital marketing by advertisers would also double in the next four years to 24 per cent of total expenses.