EVOLUTION OF RETAIL MARKET IN INDIA

Abstract

The business environment has changed dramatically over the period of time. Economies that were formerly famed for their agricultural and industrial manufacturing ability are now dominated by emerging service sectors. Growth of the service sector not just lies with service industries such as banking, transportation, telecommunication, tourism industry etc. But also the retail industry plays a crucial role in the overall growth of Indian service sector and because of the high demand of this retail industry, it has become the 5th largest private sector industry in the world. India is one of the top nations in which to make retail investments. The second-largest population in the world, a middle-class of about 158 homes, expanding family incomes, rising rates of urbanization, connected rural consumers, and increased consumer expenditure are some of the factors that draw people to India (IBEF, 2024).