J P Chawla & Co. LLP

Fineprint Vol.3 2023

India’s retail sector is experiencing an unprecedented surge, forecasted to skyrocket to $1.1 trillion by 2027 and a staggering $2 trillion by 2032, propelling India to the fourth spot globally. This remarkable growth is driven by a myriad of factors including India’s sizable population, expanding middle class, and rapid urbanization. Even rural areas are embracing the retail boom. The sector now contributes over 10% to India’s GDP and employs 35 million people, with expectations of 25 million new jobs by 2030. Diverse segments like Food & Grocery, Apparel & Footwear, and Consumer Electronics dominate, while e-commerce and luxury retail also flourish. Additionally, India’s digital economy, set to reach $1 trillion by 2030, and its attractiveness to global investors further bolster its economic prowess. Ayodhya’s development surge, with investments exceeding Rs 11,100 crore, promises a rejuvenated economy, poised to attract pilgrims and tourists worldwide.
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