Around 25 million new jobs will be created by the Indian retail sector by 2030, as per Retail 4.0 Report released by Nasscom in partnership with Technopak.
According to the study, Retail 4.0 will result in a significant rise in the size of the domestic market, job creation, and exports. The changing demand and supply drivers are likely to accelerate the growth momentum, with the India retail market reaching up-to $1.5 trillion by FY2030.
“As India leaps forward to become a digitally transformed nation, the country’s retail sector has emerged as one of the most dynamically-evolving, rapidly digitising sectors, with the second-largest consumer base in the world, from 5th largest in 2020,'' found the study.
Over the last decade, as per the study, the Indian retail market size has witnessed a massive growth of 3X, accounting for $800 billion, contributing 10% to India’s GDP In FY 2019-20 and 8% to the total workforce with more than 35 million employees.
“The growth has been backed by sustained digital transformation. The COVID -19 pandemic has proved to be a catalyst in the evolution of Retail from the 3.0 Era into a more digitally-enabled and collaborative Retail 4.0 era,'' the study observed.
Speaking at the launch of the report, Amitabh Kant, CEO, Niti Aayog said, the union government was in process of formulating the National Retail Trade Policy which not only would create a conducive environment for retail trade but would also simplify policies hindering the growth of the sector in the country.
Published - March 08, 2021 07:09 pm IST
