In recent conversation with Soni Dwivedi - Head HR , West Pioneer Properties about Retail- the dawn sector for employment opportunities
With the entry of several new players in the Indian retail industry, it became the forefront runner providing employment and growth in the country. It accounts for over 10% of the country’s gross domestic product (GDP) and around eight % of the employment. India ranked the world’s fifth-largest global destination in the retail domain. India ranked 73 in the United Nations Conference on Trade and Development’s Business-to-Consumer (B2C) E-commerce Index 2019. The retail sector in India accounts for over 10% of the country’s GDP and around 8% of the workforce (35+ million). It is expected to create 25 million new jobs by 2030 (ref: https://www.ibef.org/industry/retail-india).
The sizeable middle class and nearly unexplored retail market in India are the main enticing factors for international retail behemoths seeking to move into newer markets, which will help the Indian retail business grow more quickly. The urban Indian consumer’s purchasing power is increasing, and branded goods in categories like apparel, cosmetics, footwear, watches, beverages, food, and even jewellery are gradually evolving into business and leisure that are well-liked by the urban Indian consumer. Industry expects the retail sector in India to reach a whopping US$ 2 trillion in value by 2032, according to a recent analysis by the Boston Consulting Group (BCG).
FDI Confidence Index
India is the world’s fifth-largest global destination in the retail space. In the FDI Confidence Index, India ranked 17 (after US, Canada, Germany, United Kingdom, China, Japan, France, Australia, Switzerland, and Italy).
India is one of the most promising and developing marketplaces in the world. There is a great deal of desire among multinational corporations to take advantage of the consumer base in India and to enter the market first. Nearly 60 shopping malls encompassing a total retail space of 23.25 million sq. ft are expected to become operational during 2023-25.
India holding rank among the best countries to invest in Retail space. Factors that make India so attractive include the second largest population in the world, a middle-income class of ~158 households, increasing urbanization, rising household incomes, connected rural consumers, and increasing consumer spending.
From 1.2 million daily e-commerce transactions in 2020, India is expecting. Online shoppers count to reach ~500 million in 2030 as compared to similar numbers of +150 million in 2020. In terms of GMV the E-Commerce market is expected to touch US$ 350 billion by 2030.
To improve the business climate and make it simpler for foreign companies to register fully owned subsidiaries in India, the Indian government has implemented a number of rules, regulations, and policies.