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...
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The economics of ticket scalping

Event promoters are underpricing and undersupplying tickets. Shutterstock Paul Crosby, Macquarie University and Jordi McKenzie, Macquarie UniversityAllegations that tickets to recent AFL and NRL finals matches were being resold for up to three times their initial price raises questions of why ticket scalping happens, and whether anything can be done about it. To an economist, the existence of a secondary market - where tickets are resold - is a sign that they have been undersupplied, underpriced or a combination of the two. Event promoters, for example, are incentivised to sell as many tickets as possible so they can profit off sales of food, drinks and other concession stand items. This leads them to price tickets low. Scalpers thrive off such conditions as it presents them with an arbitrage opportunity (the chance to make a profit from buying and selling the same thing) that would never have existed in a world where tickets were plentiful and priced in line with demand. Online reselling platforms also put upward pressure on prices by making tickets easier to re-sell, while...
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Electronics sector in India projected to create 12 million jobs by 2027

New Delhi, (IANS) The electronics sector in the country is projected to create 12 million jobs by 2027 — 3 million direct and 9 million indirect roles, a report said on Saturday.Direct employment opportunities are likely to include employment for nearly 1 million engineers, 2 million ITI-certified professionals, and 0.2 million specialists in fields like AI, ML and data science, while non-technical roles are expected to contribute 9 million indirect jobs, highlighting the sector’s immense potential to fuel economic growth, according to the report by TeamLease Degree Apprenticeship.The electronics industry has an ambitious goal of achieving $500 billion in manufacturing output by 2030. To meet this target, the sector must grow five-fold over the next five years, bridging a $400 billion production gap.Currently, domestic production stands at $101 billion, with mobile phones contributing 43 per cent, followed by consumer and industrial electronics at 12 per cent each, and electronic components at 11 per cent.Additionally, emerging segments like auto electronics (8 per cent), LED lighting...
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