India has surpassed China to secure the top position among 30 developing countries on ease of doing business.
The 2017 Global Retail Development Index (GRDI), now in its 16th edition, ranks the top 30 developing countries for retail investment worldwide and analyses 25 macroeconomic and retail-specific variables.
India's rapidly expanding economy, easing of foreign direct investment rules and a consumption boom are the key drivers for India’s top ranking in the GRDI.
India’s retail sector has been growing at an annual rate of 20 per cent. Total sales surpassed the trillion dollar mark last year and the sector is expected to double in size by 2020.
In the past year, 100 per cent foreign ownership has been allowed in B2B e-commerce businesses and for retailers that sell food products.
India's retail sector has also benefited from the rapid growth in e-commerce. It is projected to grow 30 per cent annually and reach 48 billion dollars by 2020.
India’s effort to boost cashless payments and reform indirect taxation with a nationwide goods and services tax are also expected to accelerate adoption of formal retail.
Despite its slower overall economic growth, the market’s size and the continued evolution of retail still make China one of the most attractive markets for retail investment.
