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Rise of services industry & working women to propel retail industry

25
Apr '08
The Indian retail market will grow to $637 billion by 2015 and modern retail, which presently accounts for 4 per cent of the total market, is likely to increase its share to 22 per cent by 2010, said Dr Ashwani Kumar, Minister of State for Industry, Government of India, at Retail Symposium 2008 on “Making Delhi a Global Retail Destination”, organized by Confederation of Indian Industry, on Friday in New Delhi.

“Delhi is India's largest consumer market with the highest concentration of households with an annual income of $110,000 and per capita income more than double the national average. Delhi is a destination for shopping across India besides its own consumption appetite. It is the principal business and commercial centre in northern India, well complemented by industrial areas in the National Capital Region,” Mr Kumar said.

With an economy size of Rs 1,18240 crore, Delhi is the largest market in the country. Delhi is the biggest consumption centre in north India. It distinguishes itself as super centre for trade. It has attained the status of major distribution centre by virtue of its geographical location and other historical factors, availability of infrastructure facilities etc, he said.

“A family in Delhi spends Rs 2.1 lakh per annum on an average, while it saves Rs 50,000. As people prosper further, the savings will further go up, which will result in bigger retail industry. As the benefit of economic liberalization spreads and more and more people rise above poverty line, retail activities will gain momentum,” Mr Kumar said.

He praised entrepreneurs and government policies in facilitating the rise of modern trade. He underlined the employment opportunities that organized retail industry can create. The rise of services industry and working women will propel the retail industry in India. The minister highlighted the fact that India won't be hard hit by the global slowdown as 95% of growth is driven by domestic consumption.


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