According to the study, Retail 4.0 will significantly increase the size of the domestic market, job creation and exports
According to the Retail 4.0 report released by NASSCOM in partnership with Technolac, the Indian retail sector will generate around 25 million new jobs by 2030.
According to the study, Retail 4.0 will significantly increase domestic market size, employment generation and exports. Changing demand and supply drivers are likely to accelerate the pace of development, India will reach $ 1.5 trillion by FY15 in the retail market.
“As India moves on to become a digitally transformed nation, the nation's retail sector as the world's second largest consumer base, one of the 5th largest, most dynamically developed, rapidly digitizing regions in 2020. Has emerged. Studied.
Over the past decade, according to the study, the size of the Indian retail market has seen a huge growth of 3X, accounting for $ 800 billion, contributing 10% to India's GDP and more than 35 in FY 2019-20. With 8% of the total workforce is lakh employees.
“Growth has been supported by continuous digital transformation.” The COVID-19 epidemic has proven to be a catalyst in the development of retail since the 3.0 era, and into a more digitally capable and collaborative retail 4.0 era, ” the study observed.
Speaking at the launch of the report, Amitabh kant, CEO, Niti Yoga said, the central government was in the process of formulating a national retail trade policy, which would not only create a conducive environment for the retail business but also ease the bottleneck in growth. Region in the country.