RETELLING THE RETAILING IN INDIA: ISSUES & CHALLENGES

Jagat Narayan Giri; Ankit Sarin

Jagat Narayan Giri Senior Lecturer Department of Management Studies, Mangalmay Institute of Management & Technology Greater Noida, U.P. NCR
Ankit Sarin Senior Lecturer School of Management Sciences Varanasi, Uttar Pradesh

Keywords: RETAILING, Indian economy

Abstract

The Indian economy is integrating with the world, and yet it simultaneously has its own dynamics, which cushion global shocks as in no other country. It has been a long way since India embarked on an ambitious economic liberalisation programme. Over the last seven years, many of its fruitful benefits have manifested themselves and one of the areas where growth is clearly reflected is retailing. The retail scenario in India is unique. The latest pronouncements of Finance Minister P. Chidambaram about the sector have fuelled more interest in the segment. Favourable demographics, rising consumer incomes, real estate developments, especially the emergence of new shopping malls, availability of better sourcing options - both from within India and overseas - and changing lifestyle are the prime reasons that fuelled this boom. These factors have transformed hitherto savings-oriented and conservative Indian consumers and made them akin to those in developed markets.