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Role of Retail Market in Indian Economy | India24
The word retail is derived from the French word retailer meaning to cut a piece off or to break bulk In simple terms, it implies a first-hand transaction with the customer. Retailing can be defined as the buying and selling of goods and services. It can also be defined as the timely delivery of goods and services demanded by consumers at prices that are competitive and affordable. Retailing involves a direct interface with the customer and the coordination of business activities from end to end- right from the concept or design stage of a product or offering, to its delivery and post-delivery service to the customer. The industry has contributed to the economic growth of many countries and is undoubtedly one of the fastest changing and dynamic industries in the world today. Retail industry contributes between 14–15% to 20% of India’s GDP. The Indian retail market is estimated to be US$450 billion and one of the top five retail markets in the world by economic value. India is one of the fastest-growing retail market in the world, and is projected to reach $1.3 trillion by 2020. India’s retailing industry mostly consists of the local mom and pop store, owner manned shops and street vendors. The lack of infrastructure and efficient retail network, according to The Wall Street Journal, causes a third of India’s agriculture produce to be lost from spoilage. Retailing in India is one of the pillars of its economy and accounts for 14 to 15 percent of its GDP. The Indian retail market …