Assessing the impact of COVID on India's retail sector

Abstract

With a market size of $883 bn, India's retail industry has emerged as one of the fastest-growing and dynamic industries in India. As per Forrester Research, the market is projected to reach ~US$ 1.3 trillion by 2024, implying a CAGR of 13%. India’s retail sector contributes more than 10 %to the country’s GDP and employs 8% of the country’s workforce. With total consumption expenditure around $ 1.73 Tn from $1.61 Tn a year ago, India is ranked as the world’s 5-largest global destination in the retail space and the hottest retail destination globally with rank no. 1 from last year’s rank 2.