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The Indian retail sector is expected to grow at a rate of 5.5 per cent to $410 billion (around Rs 19,03,844 crore) by 2010 from the present about $300 billion, Assocham said on Monday.
The chamber said that organised retail, which at present accounts for nearly 5 per cent of the overall retail market, is likely to touch $13 billion (around Rs 60,375 crore) by 2010 from $9.23 billion (around Rs 42,000 crore) currently.
"The size of Indian retail sector is estimated to grow by a compound annual growth rate of 5.5 per cent, to become $410 billion market by 2010," it said.
India has one of the largest number of retail outlets in the world. The sector is witnessing exponential growth with retail developments taking place not only in major cities but even in tier-II and III cities, Assocham president Swati Piramal said.
Over 100 malls of over 30 million square feet are projected to open in India by 2010 end, it added. DLF has cleared its intentions to come up in retail segment with 500 luxury lifestyle stores across India within five years, while Tata Sons are expanding their business activities with 100 new Croma stores under their retail head Infiniti retail within three years, it said.
It also said that the retail sector income may grow by 22.7 per cent and 30.25 per cent in the third and fourth quarter of 2009-10 respectively.