New Delhi: The National Association of Software and Services Companies, NASSCOM on Monday said Indian retail sector can add more than 25 Million new jobs by FY2030.
NASSCOM, in association with Technopak, a leading management and consulting firm on Monday launched its report, titled, “Retail 4.0: India story – Unlocking Value through Online and Offline Collaborations said that the Retail 4.0 will result in a significant rise in the size of the domestic market, job creation, and exports.
The changing demand and supply drivers are likely to accelerate the growth momentum, with the India retail market reaching up-to USD 1.5 Tn by FY2030.
Refering the growth was backed sustained digital transformation, the NASSCOM, said Over the last decade, the Indian retail market size has witnessed a massive growth of 3X, accounting for $800 Bn, contributing 10 percent to India’s GDP In FY 2019-20 and 8 percent to the total workforce with more than 35 Mn employees.
The report mentiond that as India leaps forward to become a digitally transformed nation, the country’s retail sector has emerged as one of the most dynamically-evolving, rapidly digitizing sectors, with the second-largest consumer base in the world.
“In 2020, Indian retail has emerged as the world’s 5th largest market undergoing rapid digital transformation.” said the report.
Speaking at the launch of the report, CEO, Niti Aayog Amitabh Kant, said retail sector is one of the growth engines for the nation’s economy, with a double-digit contribution to the GDP, and employment to nearly 35 million individuals in FY2020.
“The COVID 19 pandemic backed by ever-changing consumer preference has accelerated the adoption of online and offline play that will define the next phase of retail growth in the country,” he added.
President, NASSCOM Debjani Ghosh,, said, “The Indian Retail industry performance in the last decade has been remarkable, with the market size rising by three folds. Retail 4.0 is rapidly evolving to Online+Offline (O+O) retail models that will bring incremental economic contribution, job growth, and exports.
“To achieve this, a greater need for collaboration among retail stakeholders, policymakers, and supporting sectors for tech-awareness will be the key, which will accelerate the sector’s growth in the years to come.”Mr Gosh said.
As per the NASSCOM-Technopak survey of over 360 retail stakeholders, 79 percent of the respondents strongly feel that technology will play a pivotal role in Indian Retail growth. There has been a rising awareness and willingness to embrace online with 70% of the overall respondents have a positive outlook towards Online+Offline collaborations.