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Retailing in India is one of the pillars of its economy and accounts for about 10 percent of its GDP.[1][2] The Indian retail market is estimated to be worth $1.3 trillion as of 2022.[3][4] India is one of the fastest growing retail markets in the world, with 1.4 billion people.[5][6]
As of 2003, India's retailing industry was essentially owner staffed small shops. In 2010, larger format convenience stores and supermarkets accounted for about 4 percent of the industry, and these were present only in large urban centers. India's retail and logistics industry employs about 40 million Indians (3.3% of Indian population).[7] In November 2011, India's central government announced retail reforms for both multi-brand stores and single-brand stores. These market reforms paved the way for retail innovation and competition with multi-brand retailers such as Walmart, Carrefour and Tesco, as well single brand majors such as IKEA, Nike, and Apple.[8] The announcement sparked intense activism, both in opposition and in support of the reforms. In December 2011, under pressure from the opposition, Indian government placed the retail reforms on hold till it reaches a consensus.[9]
In January 2012, India approved reforms for single-brand stores welcoming anyone in the world to innovate in Indian retail market with 100% ownership, but imposed the requirement that the single brand retailer source 30 percent of its goods from India. Indian government continues the hold on retail reforms for multi-brand stores.[10] In June 2012, IKEA announced it had applied for permission to invest $1.9 billion in India and set up 25 retail stores.[11] An analyst from Fitch Group stated that the 30 percent requirement was likely to significantly delay if not prevent most single brand majors from Europe, USA and Japan from opening stores and creating associated jobs in India.[12][13]
On 14 September 2012, the government of India announced the opening of FDI in multi-brand retail, subject to approvals by individual states.[14] On 20 September 2012, the Government of India formally notified the FDI reforms for single and multi brand retail, thereby making it effective under Indian law.[15][16][17]
- ^ "The Bird of Gold - The Rise of India's Consumer Market". McKinsey & Company. May 2007.
- ^ Dikshit, Anand (12 August 2011). "The Uneasy Compromise - Indian Retail". The Wall Street Journal.
- ^ "India: Retail market size 2026".
- ^ Child., India. United Nations. Committee on the Rights of the (1997). Consideration of reports submitted by states parties under article 44 of the Convention : initial reports of states parties due in 1995 : addendum : India. United Nations. OCLC 41656336.
- ^ "Winning the Indian consumer". McKinsey & Company. 2005.
- ^ Majumder, Sanjoy (25 November 2011). "Changing the way Indians shop". BBC News.
- ^ "FE@CAMPUS MASTERMIND: Response by Mahavir Accha to question for Jan 7-13". Indian Express.
- ^ Cite error: The named reference
chainstoreswas invoked but never defined (see the help page). - ^ Cite error: The named reference
wsj71211was invoked but never defined (see the help page). - ^ Sharma, Amol; Sahu, Prasanta (11 January 2012). "India Lifts Some Limits on Foreign Retailers". The Wall Street Journal.
- ^ Sharma, Amol (24 June 2012). "IKEA Knocks on India's Door". The Wall Street Journal.
- ^ "Ikea shelves Indian retail market move". The Financial Times. 22 January 2012.
- ^ "SMEs welcome FDI in retail". CIOL. 6 December 2012. Retrieved 28 February 2013.
- ^ "Times of India Newsreport".
- ^ "Department of Industrial Policy & Promotion (FC-I Section), Press Note No.5 (2012 Series) - multi-brand retail" (PDF). Ministry of Commerce & Industry, Government of India. 20 September 2012. Archived from the original (PDF) on 22 February 2016.
- ^ "Department of Industrial Policy & Promotion, Press Note No.4 (2012 Series) - Single brand retail" (PDF). Ministry of Commerce & Industry, Government of India. 20 September 2012.
- ^ "FDI in multi-brand retail comes into effect; way clear for Walmart". The Economic Times. 20 September 2012.