Indian retail market set to reach Rs 190 lakh crore by 2034 as consumption surges

Mumbai, (IANS): India, the fastest-growing major economy, is set to become the third-largest by GDP by 2030, driving a Rs 190 lakh crore retail market by 2034, according to a report released on Thursday.Consumption in the country has been expanding at a pace ahead of other large economies. The Indian retail market is growing and this expansion has outpaced overall consumption, highlighting the sector’s resilience and strong momentum, according to the report by Boston Consulting Group (BCG) and the Retailers Association of India (RAI).India’s retail market has grown from Rs 35 lakh crore to Rs 82 lakh crore in the last decade, witnessing a 9 per cent growth."It is expected to be Rs 200 lakh crore in the next decade and will offer diverse opportunities which are all at scale and need very different operating models to deliver a winning proposition. There is an opportunity for multiple trillion-rupee turnover retailers by 2035," BCG Managing Director and Senior Partner, Abheek Singhi, said.Affluent households are projected to triple by 2030, creating significant opportunities in premium...

Read More........ → March 11, 2025

40 Indian startups secure over $787 million in funding this week

New Delhi, (IANS) In a significant week for the Indian startup ecosystem, nearly 40 startups secured more than $787 million in funding as the economy remained resilient amid the geo-political conditions.These deals included 16 growth-stage deals and 23 early-stage ones.This is a massive jump from $250 million raised cumulatively across 18 deals last week.Cloud kitchen unicorn Rebel Foods led the funding with $210 million led by Temasek in a mix of primary and secondary share sales. Rebel Foods is planning for a public listing by next year.Fintech startup Mintifi raised a total of $180 million in its Series E round led by TVG and Prosus. Mintifi plans to deploy the fresh capital to expand its footprint across key sectors.Meanwhile, CarDekho SEA, the Southeast Asia business unit of digital automotive solutions provider CarDekho Group, raised its first external funding round of $60 million.The round was led by prominent growth and private equity investors Navis Capital Partners (Navis) and Dragon Fund. Following this round, the cumulative fundraise now stands at more than $100 million.Haber,...

Read More........ → December 19, 2024

Ericsson wins multi-billion 4G, 5G deal from Bharti Airtel for India ops

New Delhi, (IANS): Telecommunications giant Ericsson on Wednesday said it has been awarded a multi-billion, 4G and 5G extension deal by Bharti Airtel for its India operations.As part of the multi-year deal for 4G and 5G RAN products and solutions, Ericsson will deploy centralised RAN and Open RAN-ready solutions for network transformation, which will help customers with wider coverage and the enhanced capacity on the network.Ericsson will also undertake the software upgrade of its current deployed 4G radios thereby enhancing the customer experience, it said in a statement.“This deployment will enable us to further improve the speed, reliability, and coverage of our network, ensuring an exceptional experience for our customers,” said Randeep Sekhon, CTO, Bharti Airtel.As a global leader in 5G, Ericsson currently powers 170 live 5G networks in more than 70 countries. The company has been a trusted connectivity partner for Airtel for over 25 years, supporting every generation of mobile communications.Andres Vicente, Head of Ericsson South-east Asia, Oceania and India, said that this partnership...

Read More........ → December 13, 2024

India Showcases Footwear and Leather Sector Strength at DIFLEX, 2024, Eyes $350 mn UAE Trade Target

Dubai, India’s leather and footwear industry aims to expand its presence in the UAE market as it makes a strong showing at DIFLEX 2024, with 43 manufacturing exporters participating in the region’s largest leather products and footwear exhibition, currently underway at Festival Arena, Dubai Festival City.Leading the Indian delegation, R. Selvam IAS, Executive Director of the Council of Leather Exports (CLE), announced that trade volume with the UAE has nearly doubled from its previous level of $162 million, with projections to reach $350 million in the coming years. “The growth reflects the sector’s expanding footprint in the Middle East and African markets,” he said.Addressing domestic consumption, Selvam noted that India’s per capita footwear consumption is expected to double from the current 1.9 pairs to 4 pairs per annum by 2030, creating additional demand for 2.2 billion pairs. The country currently consumes 2.5 billion pairs annually, with an anticipated need for an additional 2 billion pairs by 2030.BG Krishnan, Consul (Trade and Commerce) at the Consulate General of India in...

Read More........ → December 12, 2024

India’s electronics manufacturing services sector to reach Rs 6 lakh crore in FY27

New Delhi, (IANS): Driven by government initiatives like production-linked incentive (PLI) scheme, the electronics manufacturing services (EMS) sector is likely to grow to Rs 6 lakh crore in FY27 from Rs 1.46 lakh crore in FY22, and do well over short to medium term, a report showed on Monday. The electronics manufacturing sector is on the cusp of a transformative journey, projected to grow at a robust CAGR of 26 per cent between the calendar year 2023-2030, reaching $500 billion. India is emerging as a preferred global destination for electronics manufacturing due to increasing assembly activities and unprecedented demand in the electronics manufacturing services (EMS) sector, particularly in mobile phones, automotive, and industrial segments, according to the report by Motilal Oswal Wealth Management Ltd. Favourable government policies such as the PLI schemes and the Semicon India programme, increasing domestic demand, and a robust push toward self-reliance is further propelling the opportunity. Motilal Oswal Wealth Management designed a basket with five companies which would benefit...

Read More........ → December 03, 2024

Mercedes-Benz India cruises to double-digit growth as demand for luxury cars rises

New Delhi, (IANS): Mercedes-Benz India is on course to close the current year with a double-digit jump in sales, fuelled by the rising demand for luxury cars in a fast-growing economy, the company’s managing director Santosh Iyer has said.Mercedes-Benz India has now launched its new 'AMG C 63 S E PERFORMANCE' model equipped with F1 hybrid technology priced at Rs 1.95 crore. This is the company's 14th product launch this year, aimed at driving up sales volumes of its high-end vehicles which are priced upwards of Rs 1.5 crore.Speaking to reporters at the launch, Iyer said that the festive season brought the company’s best sales figures, reflecting the strength of the auto major’s performance in a fiercely competitive and fluctuating market.In the July-to-September quarter, sales of Mercedes-Benz India accelerated by 21% over the same period of the previous year amid an overall slowing auto market. He highlighted that the company has been experiencing substantial growth despite the challenges facing the automotive industry.Iyer said the company plans to complete conversion of all of its...

Read More........ → November 14, 2024

1 in 2 Indian SMEs leveraging Cloud for business expansion: Report

New Delhi, (IANS): Fuelled by India's growing digital acceleration, one in two small and medium enterprises (SMEs) are leveraging Cloud for their business expansion, a report revealed on Wednesday.Around 58 per cent of these SMEs believe they have a high level of digital maturity and are at the forefront of this ongoing digital shift, according to the report by Tata Tele Business Services (TTBS) and Cyber Media Research (CMR).“Cloud technology presents an unparalleled opportunity for businesses to amplify agility, foster collaboration, and gain a decisive competitive edge while enhancing the customer experience,” said Vishal Rally, SVP, Product and Marketing, Tata Teleservices.Over half (52 per cent) of the SMEs leverage the scalability and affordability that Public Cloud offers.Nearly one in every five SMEs (20 per cent) has successfully migrated more than 50 per cent of their workload to Cloud. About 51 per cent of SMEs nationwide prioritise Cloud for customer support.Nearly half of the SMEs prioritise enhanced security compliance as the main reason for adopting Cloud, highlighting...

Read More........ → October 24, 2024

India to see 35 lakh weddings from November-mid December, gold demand to surge

New Delhi: People buying jewellery on the occasion of Akshaya Tritiya, in New Delhi on Saturday, April 22, 2023. (Photo: Anupam Gautam/ IANS)Mumbai, September 20 (IANS) India is geared up for more than 35 lakh weddings in the November-mid December period this year, which is projected to result in a massive Rs 4.25 lakh crore expenditure.The country sees approximately 1 crore weddings each year, making the industry second largest in the world. According to reports, the sector is the fourth largest industry in India, with the annual spending reaching $130 billion and creating millions of jobs.In 2024, from January 15 to July 15, the industry saw more than 4.2 million weddings, resulting in an estimated expenditure of $66.4 billion (Rs 5.5 lakh crore), according to a survey by the Confederation of All India Traders (CAIT).Prabhudas Lilladher said in its latest report that recent cut in gold import duties from 15 per cent to 6 per cent is anticipated to lead to a notable rise in gold purchases nationwide, especially during the upcoming festive and wedding seasons.Given gold's cultural and...

Read More........ → September 24, 2024

India's textile exports to touch $65 billion by 2025-26: Invest India

New Delhi, (IANS): India's textile industry is expanding at a rapid pace with the country's textile exports projected to touch $65 billion by the financial year 2025-26, according to Invest India.Projections indicate that textiles production in the country for both the domestic and export markets will grow at a compound annual growth rate (CAGR) of 10 per cent to reach the $350 billion mark by 2030, an Invest India report states.The figure has been estimated with respect to the Indian textile and apparel market size of around $165 billion in 2022, of which the domestic market constitutes $125 billion and exports account for $40 billion."PM Modi's bold fibre-to-fashion vision is guiding the textile industry to become a driving force in the global market while bringing competence and technology to local players," Invest India said in a post on social media platform X.India has also emerged as the second-largest manufacturer of personal protective equipment (PPE) globally. Production of PPE had picked up during the devastating COVID-19 epidemic when India emerged as an important exporter...

Read More........ → September 15, 2024

Amazon to enable over $13 billion in e-commerce exports from India by 2024 end

New Delhi, (IANS): Global e-commerce major Amazon on Thursday said it is on track to enable Indian businesses surpass $13 billion in cumulative e-commerce exports from India by the end of year.The company said that as part of its ‘Amazon Global Selling’ programme launched in 2015, 1.5 lakh exporters have cumulatively sold over 40 crore ‘Made in India’ products to customers across the world.The total seller base on the programme has grown 20 per cent in the past year.Jayant Chaudhary, Minister of State (Independent Charge) for Skill Development and Entrepreneurship, said that boosting MSME exports is crucial for our nation's economic growth, and e-commerce is proving to be a powerful catalyst in this regard.“E-commerce exports, supported by programmes like ‘Amazon Global Selling’, is instrumental in providing MSMEs with opportunities to showcase their products to a global audience,” said the minister.The company said that the programme has sellers from more than 200 cities. It is enabling sellers to build global brands by selling to hundreds of millions of customers on more than 18 Amazon...

Read More........ → September 07, 2024

India auto sales cross 24.3 lakh units in July, two-wheelers post 12.4 pc growth

Mumbai, (IANS): The total production of passenger vehicles, three-wheelers, two-wheelers and quadricycle reached 24,37,138 units in July, the Society of Indian Automobile Manufacturers (SIAM) data showed on Wednesday.Passenger vehicles sales were 3,41,510, three-wheeler sales were 59,073 units and two-wheeler sales reached 14,41,694 units.Two-wheeler segment posted a decent growth of 12.5 per cent in July compared to the same month last year.“The above average rainfall coupled with upcoming festive season is likely to again propel growth in the short term. In addition, enabling budget announcements which emphasizes on overall economic growth with fiscal support for infrastructure and rural sector should augur well for the auto sector in the medium term,” said Vinod Aggarwal, President, SIAM.In July 2024, passenger vehicle segment de-grew compared to July 2023, posting sales of about 3.42 lakh units.“Three Wheelers posted a growth of 5.1 per cent compared to July last year, with sales of 0.59 Lakh units in July 2024, which is close to the peak of 2018-19,” said Rajesh Menon, Director...

Read More........ → August 22, 2024

TCS posts 9 pc jump in Q1 net profit at Rs 12,040 crore

Mumbai, July 11 (IANS) Leading IT software services exporter Tata Consultancy Services (TCS) posted a net profit of Rs 12,040 crore for the April-June quarter of the current financial year (2024-25) which represents a 9 per cent increase over the same quarter of 2022-23.The TCS board also approved an interim dividend of Rs 10 per share for the quarter. The record date for dividend payment is July 20, 2024, and dividends will be paid out on 5 August 2024.The company won some large deals during the first quarter pushing its order book to $10.2 billion from $8.2 billion in the same quarter of the previous year."We are continuing to expand our client relationships, create new capabilities in emerging technologies and invest in innovation, including a new AI-focused TCS PacePort in France, IoT (Internet of Things) lab in the US and expanding our delivery centres in Latin America, Canada and Europe,” TCS CEO K Krithivasan said in a statement.Samir Seksaria, Chief Financial Officer, said: “In spite of the usual impact of the annual wage increments in this quarter, we have delivered strong...

Read More........ → July 16, 2024

India electronics component manufacturing to hit $240 bn by 2030, create 2.8 lakh jobs by 2026

New Delhi, (IANS) As the government doubles down on making India a global manufacturing hub, the demand for electronics components and sub-assemblies is likely to scale to $240 billion by 2030, paving the way for $500 billion worth of electronics production goal while creating at least 2.8 lakhs new jobs by 2026, a report showed on Sunday.Priority components and sub-assemblies including PCBAs, are projected to grow at a robust CAGR of 30 per cent, reaching $139 billion by 2030, according to the report by the Confederation of Indian Industry (CII), which suggested key recommendations to craft a scheme to further help the industry.Last year, the demand for components and sub-assemblies stood at $45.5 billion to support $102 billion worth of electronics production.The report identified five priority components/sub-assemblies of batteries (lithium-ion), camera modules, mechanicals (enclosures etc.), displays and PCBs, which are categorised as high priority for India.They cumulatively accounted for 43 per cent of the components demand in 2022 and is expected to grow to $51.6 billion by 2030,...

Read More........ → July 12, 2024

India emerging as promising alternative to China for chipmaking equipment firms

New Delhi, June 14 (IANS) The chipmaking equipment industry is looking to establish operations in India, as the country emerges as a promising alternative to China amid tensions between Beijing and the West.The international chip industry group SEMI is set to host its Semicon exhibition in India for the first time in September. This exhibition has previously been held in the US, Japan, Europe, Taiwan, South Korea, China, and Southeast Asia, reports Nikkei Asia.Several Japanese companies, including Tokyo Electron, Disco, Canon, Tokyo Seimitsu and Daifuku are scheduled to attend. Tokyo Electron will showcase equipment for wafer deposition, coating and other front-end steps in the chipmaking process.Additionally, US-based companies such as Applied Materials, Lam Research and KLA will also have large booths at the exhibition.In recent years, due to tensions with the US, there has been a shift in international supply chains away from China. Apple is relocating the production of iPhones and other products from China to India.In March, Prime Minister Narendra Modi laid the foundation stone...

Read More........ → June 18, 2024

India’s entertainment & media industry to reach $73.6 bn by 2027: Report

New Delhi, July 18 (IANS) Driven by a surge in OTT platforms, India’s entertainment and media industry is expected to reach Rs 6,828,944 crore ($73.6 billion) by 2027, growing at a 9.48 per cnet CAGR, a report showed on Tuesday.With new launches from international players and increasing “pay-lite” options, OTT revenue has surged in recent years, expanding a further 25.1 per cent in 2022 to reach Rs 1,48,554 crore ($1.8 billion), according to PwC's ‘Global Entertainment and Media Outlook 2023-2027.“This is over six times the revenue of 2018. The market will continue to grow at an impressive rate, increasing at a 14.3 per cent CAGR to produce revenue of Rs 2,88,855 crore ($3.5 billion) in 2027,” the report noted.This will be driven by the competitive SVOD (subscription-video on demand) sector, which accounted for 78.1 per cent of market revenue in 2022.Although subscription service revenue will expand at a 13 per cent CAGR to reach Rs 2,14,578 crore ($2.6 billion), advertising-supported services (AVOD) will grow at a higher rate, albeit from a lower base."As the adoption of emerging technologies...

Read More........ → May 29, 2024

India likely to be Apple's 3rd largest market in next 2 to 3 years: Experts

New Delhi, May 3 (IANS) As Apple registered strong double-digit growth in India in the March quarter this year, experts on Friday said that the country will likely become the tech giant's third-largest market in the next two to three years.According to Tarun Pathak, Research Director at Counterpoint Research, Apple will continue to grow faster than the market and might grow more than 20 per cent this year in the country."In India, revenues grew to record levels due to better product mix and channel expansion. We believe Apple will continue to grow faster than the market and might grow over 20 per cent in 2024," Pathak told IANS.India is home to more than 850 million mobile phone users and has the potential to have over a billion smartphone users in the next five years.According to experts, this gives a significant opportunity for Apple in terms of the huge potential market outside China and the US in the coming years as most of these users are upgrading to their second or third smartphones right now and being 'mobile first', consumers are spending and upgrading to better and more expensive...

Read More........ → May 27, 2024

Indian elections delay nation’s satellite broadband plans

The Department of Telecommunications (DoT) says the election could set back spectrum allocations by up to six monthsThis week, reports suggest that the Indian government is likely to delay spectrum allocations for satellite broadband providers by four to six months, with the DoT waiting for results of the general election to become clear.India is currently conducting the largest general election process in history, with around 970 million eligible voters set to vote over 44 days. Results are set to be declared on June 4.Current Prime Minister Narendra Modi is the favourite to win a third term in office, but the potential of a new administration has left the DoT uneasy about finalising its novel spectrum strategy.In fact, sources suggest that the DoT may ask the Telecom Regulatory Authority of India (TRAI) to reinitiate consultations on the matter, to ensure that the allocation methodology is sound and futureproofed.Satellite broadband services are a novel concept for the Indian market. TRAI began initial consultation on how to allocate satellite spectrum begun in 2022. However, before...

Read More........ → May 17, 2024

India-Taiwan trade may reach $25 billion via investments, tech sharing

Mumbai, May 8 (IANS) As India-Taiwan economic partnership grows significantly in recent years, the trade between the two countries may reach $25 billion via investment and technology sharing, industry leaders have said.Peter Huang, specialist of South Asia section (Market Development Department), Taiwan External Trade Development Council, who led a high-level delegation here, said that India is a friendly and hospitable country for Taiwanese industry."Our commercial relation is growing from strength to strength and this is our 15th business delegation to India," Huang said."India is still an untapped market for Taiwanese firms and there is huge trade and investment potential in India, especially in electronics, auto-components, machineries, food processing, medical devices and other sectors," he emphasised.Taiwan has considered India as a critical partner under its 'New Southbound Policy' and both countries have also signed migration agreements to allow Indian workers to be employed in Taiwanese industries.Vijay Kalantri, Chairman, MVIRDC World Trade Center Mumbai, said that India-Taiwan...

Read More........ → May 09, 2024

More high-level exits at Paytm, company says part of restructuring exercise

New Delhi, May 7 (IANS) Ajay Vikram Singh, Chief Business Officer (CBO) of the UPI and User Growth vertical, and Bipin Kaul, CBO, Offline Payments have stepped down from digital payments major Paytm, as senior-level exits continue at the company amid "ongoing restructuring". Paytm said, in a statement, that it is committed to ensuring sustained growth across key business verticals as "we are going through a restructuring initiative that signals a reinvigorated approach under Paytm’s CEO". "These changes are part of our approach to strengthen Paytm’s next line of leaders," the company added. Last week, One97 Communications Ltd (OCL), which owns Paytm, announced plans to expand its leadership team to build a large and profitable payment and financial services distribution business. "These robust leaders will work directly with the CEO and other senior management leaders fostering innovation and strengthening the group structure for sustainability and regulatory compliance," said the digital payments company. According to the company, Bhavesh Gupta, President and Chief Operating Officer,...

Read More........ → May 08, 2024

Bajaj Auto launches new flagship Pulsar at Rs 1.85 lakh

New Delhi, May 3 (IANS) Two-wheeler major Bajaj Auto on Friday launched the highly anticipated 'Pulsar NS400Z' in the country at Rs 1,85,000 (ex-showroom).The Pulsar NS400Z will be available in four colours -- Glossy Racing Red, Brooklyn Black, Pearl Metallic White, and Pewter Grey."It is the ultimate performance machine that will redefine the codes of sports motorcycling in India. It results from engineering expertise, cutting-edge technology, and a deep understanding of what riders truly desire," Sarang Kanade, President of Motorcycle Business, Bajaj Auto, said in a statement.The new Pulsar comes powered by a 373cc liquid-cooled engine with a 6-speed gearbox, delivering 40 PS power, 35 Nm torque, ride-by-wire electronic throttle, and four ride modes.In addition, the bike comes loaded with an LED projector headlamp, wide tyres, a fully digital colour LCD speedometer with Bluetooth connectivity, turn-by-turn navigation, music control, lap timer, and traction control.Moreover, the company said that the new Pulsar NS400Z adapts to any ride with dedicated modes -- Road (smooth acceleration,...

Read More........ → May 05, 2024