NEW DELHI: The Indian retail market is one of the fastest growing markets in the world, expected to cross USD 1.4 trillion by 2027, said the latest annual report of Reliance Industries (RIL). RIL operates the country's leading retailing firm Reliance Retail.
India is poised to become the third-largest retail market by 2030, the report said adding the growth is propelled by factors like increasing urbanisation, rising income levels, expanding female workforce, and an aspirational young population. Moreover, a rising demand for premium and luxury products further fuels this growth trajectory, reflecting the evolving preferences with rising disposable incomes. This growth extends across various town classes, benefiting numerous local, regional and international brands and manufacturers.
"They are being connected with consumers across diverse markets, thereby actively participating in India's ongoing growth narrative," said Reliance. Segments such as grocery, fashion and lifestyle and consumer electronics constitute over 90 per cent of the fast-growing Indian retail market. "Focus on range expansion across non-food categories remained a key priority.
Stores witnessed continued growth in the non-food category led by General Merchandise and Home & Personal Care categories," it said. Reliance Retail Venture Ltd (RRVL), the retail arm of billionaire Mukesh Ambani-led RIL, which crossed the Rs 3 lakh crore revenue mark in FY24, is a "commitment" for the sector and has made "substantia.