India Retail Report Q1 2016
BMI View: Improving income levels in India, combined with the second largest population in the world,mean a potentially huge market for retailers as household spending will reach USD1,772bn by 2019. Thereare still limitations to the country's market, as much of the infrastructure remains poor, and the householdincome per a capita is still small, while the majority of the population lives in rural areas. Two growingsectors that retailers should consider are clothing and footwear as the young urbanites become morefashion conscious and e-commerce which is growing with greater internet penetration.
India's economy is one of the fastest growing in the world. Indeed, in Q215 the country's economy grew at arate of 7.0% equalling China, which it had outpaced for two of the previous three quarters, as it looks set totake advantage of its democratic dividend and become one of the largest economies in the world. Futurepredictions are also very healthy as Prime Minister Narendra Modi looks to push on and keep up the rate ofgrowth by encouraging foreign direct investment (FDI) into the country, particularly trying to encouragegrowth in the manufacturing sector which has a lot of room to grow and where it generally is behind itscompetitors such as China. India's economy is being driven by its huge population, the second largest in theworld at 1.31bn, which has the added benefit of being largely of young working age, providing a large workforce. The result is that the Indian economy is expected gain substantially over the next five years andbeyond.
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