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India’s retail sector to grow 14 per cent by 2021

As noted by the recent report of Care Ratings, India’s retail sector is poised to grow around 12-14 per cent over the next three years to reach $1,150 billion by 2021.will be driven by factors such as higher demand from consumers with higher incomes, job creations, improved standard of living, brand awareness, higher discretionary spends and higher participation of producers/retailers in the organised retail market, discounted and promotional pricing, increased number of products and more private labels with retailers among others.

According to the credit ratings agency, the country’s gross domestic product (GDP) is expected to go up to 7.3 per cent by FY21. Private final consumption expenditure is expected to grow by 10-11 per cent year-on-year until 2021, which has grown at about 10-12 per cent historically.

The retail sector contributes around 10 per cent of the GDP, around eight per cent of employment and is valued at $792 billion as of 2018.

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