New Delhi, December 13 : India’s retail sector income is projected to grow by 30.25 per cent in January-March quarter of 2009-10, up from a mere 7.2 per cent recorded in the July-September quarter, said a study, indicating rise in consumption.
It said the income is likely to grow by 22.7 per cent in the October-December quarter.The projections are based on last five years performance of theretail sector whose share in the gross domestic product (GDP) has risen to 12 per cent from 8-10 per cent in 2007, according to an Assocham Financial Pulse Study. India’s retail market will be worth 410 billion dollars next year and share of organised retail will touch 13 billion dollars, said the findings.
Assocham estimates that over 100 malls of over 30 million square feet of new shopping space are likely to open in India between 2009 and end-2010. The industry chamber said rural India is going to fire next phase of retail revolution in the country in view of the 50 per cent increase in its per capita income due to rise in prices of agriculture commodities and improved productivity.
–Agencies