Indian Retail Sector Will Create 25 Million New Jobs By 2030
Indian retail sector will create 25 million new jobs by 2030. The Indian retail sector is expected to create 25 million new jobs by 2030.
This is expected in the report released on Monday by NASSCOM. This would be equivalent to about 50 percent of total retail employment with offline and online models.
Retail 4.0 will increase domestic market size, employment generation, and exports. Changing demand and supply drivers are likely to accelerate the pace of development.
According to the report, e-commerce in India is growing three to four times the traditional brick and mortar. The report states that India’s retail market will reach $ 1.5 trillion by the financial year 2030.
According to a NASSCOM report with leading management and consulting firm Technopak, the online plus offline model will be worth $ 125 billion in retail exports over the next 10 years and $ 8 billion incremental GST will boost contribution.
NITI Aayog CEO Amitabh Kant said in a statement that the retail sector has a significant contribution to the development of the country’s economy.
He said that it is one of the growth engines for the country’s economy, with a double-digit contribution to the gross domestic product (GDP) and employing about 3.5 crore persons in FY 2020.
Kant said, the Indian government is in the process of formulating a national retail trade policy, it will not only create a conducive environment for retail trade but will also ease policies hindering the development of the region.
The offline plus online model will enable GST contribution of around $ 8 billion by 2030 for exports worth $ 125 billion and 37 percent of the total retail tax contribution.
According to a survey of more than 360 retail stakeholders, 79 percent of respondents felt that technology would play an important role in retail development in the country.
