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India Retail Industry: India’s retail industry to reach $2000 billion by 2032- Report

India Retail Industry: The country’s retail industry has once again started on the path of growth after recovering from the outbreak of the pandemic. According to a report, the size of the industry will grow to $2,000 billion by 2032 with an annual growth of 10 percent.

Many segments recovered from pre-Covid levels
According to the BCG-RAI report, some segments such as food and grocery, restaurants and quick service restaurants (QSR), and consumer durables have recovered from pre-Covid levels, while segments such as jewellery, apparel and footwear are in full swing. are on the way.

Indian economy getting a boost from consumption
Abhik Singhi, Managing Director and Senior Partner, BCG said, “The Indian economy is fueled by consumption and we are seeing consumption growth turn positive after two years of stagnation due to the Kovid pandemic.” Said that the size of the Indian retail industry will reach around $2,000 billion in the next 10 years. According to Singhi, in the next decade organized retailers will focus on all formats, such as offline and online.

Consumption is growing at the rate of 17 percent – report
According to the report, India’s consumption was growing at a rate of around 12 per cent before the pandemic and went into negative territory during the pandemic. The report further said that consumption has now crossed the pre-pandemic level with the rate growing at 17 per cent.

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