Here is presenting a summary of great insights (and facts) being presented at the India Retail forum (which was held in Mumbai from Sep 4th-6th, 2007)[Facts and Figures]
- India has a per capita income of US$900 and, despite this fact, 25 per cent of the people in the country earn less than $1 per day.
- India generates the second largest number of engineers in the world, numbering around 4,00,000, but 90 per cent of students in the country do not receive education beyond the 10th standard.
- India also has the second highest GDP growth in the world, yet 35 per cent of the population, which is in agriculture, contributes not more than 3 per cent to the overall figure.
- According to IMAGES India Retail Report 2007, of the Rs.12,00,000 crore retail market, food & grocery retail is by far the single largest block estimated to be worth a whopping Rs.7,43,900 crore, but more than 99 per cent of this market is dominated by the neighborhood kirana stores.
- India’s retail sector is largely unorganized, with about 15 million tiny outlets catering to consumer needs across the country – it employs the second-largest number of people after agriculture.
- Organized retail is now focused primarily on the 300 million urban “middle classes” and an additional 200 million rural rich, who form a consumer market worth more than US$100 billion. So, there is enough ground for the modern and the traditional formats to co-exist
- The biggest boon for India is that 890 million people are under 45.
- 48 per cent of India will become urbanised in the next two decades
- The Indian retail industry is expected to grow to a figure of $400 billion from the current $312 billion.
- The organized retail market, which contributes to only 2-4 per cent of the overall market share, will contribute 20-30 per cent, and is poised to reach Rs. 2000 billion mark.
- By 2010, organized retail market will generate jobs for 12 million people.
- Bharti and Wal-Mart have already agreed to a 50-50 joint venture for a new chain of wholesale stores in India to serve small retail shops.
- ‘Barbeque Nation’ decides to set up 100 ‘cook-yourself’ live grill restaurants in 3 years (source)
The event also witnessed the launch of IndiaRetailing.com – retail information portal (which like the present day supermarkets is loaded with intrusive ads)
Related: The Indian Retail Success Story – “It Happened in India” by Kishore Biyani
tags: india retail forum, indian retail industry