India will become the fifth largest consumer market in the world by 2030, a joint report said here on Thursday.
According to a Ficci-Deloitte report on the retail, fast moving consumer goods (FMCG) and e-commerce sectors in the country, the consumer retail industry is expected to reach a size of Rs 85 trillion by 2021.
"Consumer retail forms an integral part of the industry with a current estimated size of more than Rs 45 trillion," said the report "Konnected to Consumers".
"It is further expected to witness a CAGR of over 10 per cent in the period 2016-21 to reach a size of Rs 85 trillion by 2021," it added.
The report said the consumer industry is one of the most dynamic and amongst the fastest growing industries in India.
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Although optimism is well founded and makes India attractive to FMCG firms and retailers, challenges remain like poor basic infrastructure, a complex multi-layer regulatory and taxation regime, the report added.
--IANS
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