The Indian Council for Research on International Economic Relations (ICRIER) had put the size of the Indian retail industry at USD 322 billion in 2006-07, almost 2 years ago, which means that their current estimates would be much higher.
"The total retailing size in India is currently estimated at USD 16 billion, of which organised sector accounts for only 25 per cent market share and remaining 75 per cent is in the unorganised sector," it said.
The industry chamber in its paper on `Retail Scenario in India and Its Related Issues' said that with the increasing size of the industry, space requirement would also increase to over 220 million sq ft.
Because of shortage of space in large cities, the organised retail sector would grow at a rate of 35 per cent, while in small towns it would grow at a rate of 50-60 per cent, where ample land is available, it added.
"India's vast middle-class and its almost untapped retail industry are key attractions for global retail giants wanting to enter newer markets and the country provides for the ideal locations, "
Assocham President Sajjan Jindal reportedly said.
In the Delhi and its suburbs, about 100 bigger and smaller malls have been developed and about another 600 are coming up, the chamber said, adding that over 1,000 malls are in the pipelines for smaller townships.
http://www.hindu.com/thehindu/holnus/006200901161931.htm
ICRIER is an autonomous, policy-oriented, not-for-profit research institute founded in 1981. It had conducted a 14-month survey on retail and its impact on the mom and pop stores at the instance of the government. The huge disparity in the figures is going to spark furious debate during the next few days although it does appear that apples have somehow been compared to oranges-editor |