RECENT BUSINESS TRENDS AND CHANGES IN RETAIL SECTOR

India is a country with mixed economic growth of ups and downs. Our nation is the
world’s sixth largest economy by nominal Gross Domestic Product and third largest purchasing
power parity. India's economy has been the world's fastest growing major economy, surpassing
China. India has been seen as a positive prospective growth country mainly due to its young
population. The IT industry continues to be the largest private-sector employer in India. India
is the third-largest start-up hub in the world with over 3,100 technology start-ups in 2021–22.
The sector has increased its contribution to India's GDP from 1.2% in 1998 to 7.5% in 2022.
India ranks second worldwide in farm output. Agriculture accounted for 23% of GDP, and
employed 59% of the country's total workforce in 2021. The Inflation has come down to the 4-
5% range. The current account deficit has come down to about 1.5% of GDP. India has also
systematically built up its foreign exchange reserves to a comfortable $420 billion. Retailing
in India has been a prominent sector contributing 10% of GDP. The Indian retail market is
estimated to be US$ 600 billion and one of the top five retail markets in the world by economic
value with 1.2 billion people.