Newsletter – July, 2023

The retail industry is one of the largest and the fastest growing sector in Indian economy, with >10% contribution to GDP (Refer Exhibit: 1&2). Buoyed by rising income levels, consumerism and rapid urbanisation, retail has been a crucial part of India’s growth story. BCG expects it to reach $2 tn by 2032 growing by ~9-10% CAGR. This is expected to fundamentally alter the consumption basket over the coming decade. In this newsletter, we will understand the evolution of retail sector in India, future growth levers and the impact it has had on our portfolio companies.