India is one of the top investment destinations in Asia for retail and consumer sector, which is expected to witness rapid growth, aided by its IT capabilities, global consultant PricewaterhouseCoopers said on Thursday.

"Consumer goods companies have already established themselves with success in India and there is huge potential for future development as the country modernises," PwC' leader for retail and consumer products in India N V Sivakumar said, releasing a study.

"India's outstanding capabilities in IT will ensure an extremely rapid and dynamic development in the modern retail space," he said.

Sivakumar observed that with foreign retail and wholesale investment restricted only to the extent of cash and carry outlets and to some extent in e-commerce, opportunities would multiple as the country modernises.

The study -- From Beijing to Budapest: New Retail & Consumer Growth Patterns in Transitional Economies -- said the most immediate opportunities in the retail and consumer segment lie in China and that India offers more long-term potential for investment in the sector.

The study recommended six countries -- China, India, Turkey, Thailand, Malaysia and Hungary -- as top destinations for growth opportunities in the sector.

PwC also found that transitional economies across the globe offer both challenge and opportunity for retail and consumer investor.