The Indian retail industry is likely to witness 10 per cent annual growth to reach approximately US $ 2 trillion by 2032. The next decade will see organised retailers focus on footprint expansion, across all formats – offline and online – to fuel future growth.

Claiming so, a BCG-RAI report titled “Racing towards the next wave of Retail in India” says that apparel will also remain on track to a full recovery.

Abheek Singhi, MD and Senior Partner of BCG, said “The Indian economy continues to be driven by consumption and we are observing that consumption growth is back in the positive territory after the two-year COVID pause.”

E-commerce in the country is expected to reach US $ 130 billion by 2026, as compared to US $ 45 billion in 2021, according to the report.

Venu Nair, MD and CEO, Shoppers Stop also said that the retail industry is likely to witness low double-digit growth this fiscal, as footfalls into offline stores are back on track and are likely to get further momentum amidst easing of pandemic-related restrictions.

“Overall, the footfalls have come back to the pre-COVID levels and are strong since the last 2 months and we expect it to continue. We are expecting the industry to witness lower double-digit growth or high single-digit growth this financial year,” Nair told PTI.