The Indian retail sector is valued at £163 billion, of which organised retail accounts for 6% (Rs 8640 million (£101.6 million). It grew at the rate of about 37 per cent in 2007 and 42 per cent in 2008. Organised retail in India has the potential to generate over INR 2,000 billion (£23.5 billion) business by 2010.
India has the largest young population in the world - over 890 million people are below 45 years of age (out of 890 million, 25% of India's population is less than 25 years and 70% less than 35 years). India has more English-speaking people than in the whole of Europe together.
As the economy grows so does India's middle class. It is estimated that 70 million Indians earn a salary of over INR 800,000 (£9,412) a year, a figure that is set to rise to 140 million by 2011. The number of people with purchasing ability is expected to grow to over 600 million by 2010 – sufficient to establish India as one of the largest consumer markets of the world.
Market prospects for any British company in this sector is very vibrant.
A briefing by UKTI New Delhi on the Business & Consumer Service sector in India (with focus on Retail) can be found in Related Documents. The report includes an overview of the sector, plus information on the characteristics of the market, key methods of doing business, events and where the opportunities are in the country.