Strong retail growth for India

India’s retail market will reach $1.3 trillion by 2020, according to consumer affairs minister K V Thomas.

“It will provide a tremendous growth opportunity for retail and FMCG players alike,” said Thomas.

The domestic FMCG market is currently valued at $500 billion and is growing at 11 per cent annually.

“I would expect the Indian industry to live up to the expectations of people who look up to you for goods and services at price they can afford,” he told retailers.

Now that the government has eased the rules in foreign investment in multi-brand retail by allowing retailers to open in cities with less than one million people, the organised retail market is expected to become even more vibrant.

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