20 million jobs expected in India’s retail sector, retail market to reach $1.5 trillion by 2030
The Covid-19 epidemic has caused unemployment to millions of people across the country. In such a situation, there is a possibility of creating 25 crore new jobs in the Indian retail sector by 2030.
According to a NASSCOM report with management and consulting firm Technopak, the online and offline model will boost retail exports to the tune of $125 billion and incremental GST contribution of $8 billion over the next 10 years.
There will be a $1.5 trillion retail market by 2030
Retail 4.0 will significantly increase the size of the domestic market, generate employment and export. Changing demand and supply chain drivers are likely to accelerate the pace of development. The report said that India’s retail market will reach $1.5 trillion by the year 2030.
Emphasis on the preparation of National Retail Trade Policy
The CEO of NITI Aayog, Amitabh Kant said in a statement, “The retail sector is one of the growth engines for the country’s economy with double-digit contribution to GDP and employing around 3.5 crore persons in FY 2020. National Retail Trade is in the process of formulating a policy, which will not only create an environment conducive to retail trade, but also simplify policies that hinder the growth of the sector.”
The offline + online model will enable exports of $125 billion worth by 2030 and approximately $8 billion of GST contribution for 37% of the total retail tax contribution.
E-commerce increased 3-4 times from traditional brick and mortar
According to the report, e-commerce in India is growing 3-4 times than traditional brick and mortar. According to the survey conducted on more than 360 retail stakeholders, 79% felt that technology would play an important role in retail development in the country.
NASSCOM President, Debjani Ghosh said that Retail 4.0 is rapidly evolving to an offline + online retail model that will bring an incremental economic contribution, job growth and exports.
