Indian retail mkt to touch $700-bn mark: Report

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New Delhi, September 28:: With rising consumer demand and greater disposable income, the country's retail sector is projected to grow to USD 700 billion, while organised business is expected to be 20 per cent of the total market by 2010, says a report.

According to the report prepared by global consultancy Northbridge Capital, the retail market, which is currently worth USD 400 billion, is clocking an annual growth rate of 30 per cent.

"The market is expected to grow to USD 700 billion by the end of 2010. Of the total retail market, the share of organised retail in 2008 is only 7.5 per cent, valued at USD 300 million," the report said.

Noting that organised retail market is growing at the rate of 40 per cent, Northbridge Capital said that faster growth rate would be maintained in the next three years, especially with the entry of major global players and Indian corporate houses.

The retail sector comprises pharmacy, grocery, coffee, apparel, footwear and consumer durables chains.

At the current growth rate, organised retail is expected to touch USD 60 billion by 2010. Further, the report pointed out, the Indian organised retail sector is estimated to grow to about 20 per cent of the total retail market by 2010.