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Rediff.com  » Business » Assocham pegs retail market size at $28 bn

Assocham pegs retail market size at $28 bn

Source: PTI
January 16, 2009 19:08 IST
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Debunking a report by economic think tank ICRIER, which projected the Indian retail industry to touch a size of $590 billion in 2011-12, industry chamber Assocham said on Friday the sector size would touch only $28.5 billion by 2010.

The industry chamber also pegged the current size of the retail industry at only $16 billion, while Indian Council for Research on International Economic Relations had put the size of the Indian retail industry at $322 billion in 2006-07.

"The total retailing size in India is currently estimated at $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 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 paucity 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 said.

In 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.

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