India has surpassed China to secure top position among 30 developing countries on ease of doing business. The 16th edition of the 2017 Global Retail Development Index titled 'The Age of Focus' put India on top citing its rapidly expanding economy, easing of foreign direct investment rules, and a consumption boom as key drivers.
“The study is unique in that it not only identifies the markets that are most attractive today, but also those that offer future potential,” said Management Consulting firm AT Kearney. India's retail sector has been growing at an annual rate of 20 per cent. Total sales surpassed the $1 trillion-mark last year, and the sector is expected to double in size by 2020. The group said rapid urbanisation and a growing middle class with higher income levels is driving up consumption across the country. The government's continued support to relax FDI regulations in key areas of the retail sector have provided further boost to its growth.
“India's top ranking is a clear vote of confidence in its retail market and vast growth potential,” said Debashish Mukherjee, Partner with AT Kearney and Head of the Consumer Industries & Retail Products Practice for India. The government, the past year, has allowed 100 per cent foreign ownership 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.
