It is interesting to see tremendous growth in the retail sector in India. To begin with, India has already become a hotspot for global retailers for the fourth time in the last five years. According to global consulting firm A T Kearney’s eighth annual Global Retail Development Index (GRDI), India, followed by Russia and China, secured the first slot as the best retail destination.
Moreover, there are many factors attributed to the victory of Indian retail sector. India’s vast farming activities, huge population and ever-increasing consumer demand are the key factors which are favourable to the retail sector’s growth.
Also, people in urban and even rural areas show their interest in organised stores when it comes to any purchase. In fact, this is a positive and encouraging trend.
Finally, the Indian retail space is a big attraction for both domestic and foreign investors now. The sector should be given more liberty in terms of its business activities. Besides, the government should further extend its support to the retailers through well-principled policies and business ethics.
P Senthil Saravana Durai, Hyderabad