FY23 retail sales jump 34% from previous fiscal: RAI survey

Ease of doing business for MSMEs: Category-wise, the sports goods segment saw the highest growth of 41 per cent followed by 39 per cent growth in QSR segment and 37 per cent in the consumer durables & electronics segment

May 4, 2023 16:03 IST

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In comparison to pre-Covid (FY20) business, QSRs registered the highest growth of 58 per cent in FY23 while sports goods and consumer durables & electronics saw 47 per cent and 46 per cent growth respectively.

Ease of doing business for MSMEs: The latest round of the retail business survey by industry body Retailers Association of India (RAI) on Thursday said sales in the April 2022 – March 2023 period registered growth of 34 per cent as compared to the sales levels during April 2021 – March 2022.

The growth was recorded across regions during the financial year with the Eastern part of the country signalling growth of 42 per cent while West India indicated a growth of 36 per cent. North and South India reported growth of 32 per cent and 27 per cent respectively compared to FY22 sales levels.

Also read: Bank credit to retail, wholesale trade jumps 16% in February: RBI data

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“Retail businesses across the country are looking good as the survey shows growth in sales over April 2021 – March 2022 sales levels. The survey indicates a spike in sports goods and QSR (quick service restaurants) sales. We do hope that this will sustain,” said Kumar Rajagopalan, CEO, RAI in a statement on the survey.

Category-wise, the sports goods segment saw the highest growth of 41 per cent followed by 39 per cent growth in QSR segment, 37 per cent in the consumer durables & electronics segment, 35 per cent in the furniture & furnishing, 34 per cent in the footwear market, 32 per cent in the jewellery segment, etc.

Also read: Can’t blame e-commerce for slow growth of retail MSMEs as claimed by traders: IIFT report

Importantly, retail as well as wholesale trades were added to the MSME definition in July 2021 for priority sector lending benefits from banks.

Meanwhile, the government is also reportedly working on a national retail trade policy focusing on brick-and-mortar retail traders to support them with better infrastructure and credit. According to a PTI report, the Department for Promotion of Industry and Internal Trade (DPIIT) is also working on an e-commerce policy for online retailers, DPITT Joint Secretary Sanjiv had said at an FMCG event in March this year.

“We want that there should be synergy between e-commerce as well as retail traders,” Sanjiv had said.