Retail industry to reach $2 trillion by 2032

The Indian retail market is one of the fastest growing in the world and is expected to reach $2 trillion by 2032, according to Reliance Retail Director Subramaniam V.

The Indian retail market is estimated at $844 billion in 2022 with the unorganised retail market contributing around 87% of the share, he said.

“The retail market is projected to grow at 10% annually to reach a whopping $2 trillion by 2032 making it the fastest growing retail market of the world,” Subramaniam said at an event organised by industry body FICCI here.

Talking about the unorganised retail segment, Subramaniam said it is highly fragmented and lacks modern day infrastructure and technology due to smaller volume and financial resources.

Subramaniam said there is a need to build an operating environment which promotes inclusive and sustainable growth for the sector and government policies and business practices of the big players must support the inclusive growth for the small players of the unorganized players.

“There is a need to build a sourcing ecosystem that supports small producers and manufacturers (SMEs) to modernise their operations to produce high quality products,” he said.