Recently, the industry body Retailers Association of India, has highlighted weak retail sales throughout the country as a major cause of concern.
As per RAI’s CEO Kumar Rajagopalan, most of the retailers are witnessing negative on ‘like-or-like’ basis and India’s retail sector is yet to witness a real growth compared to previous year. Hence, it is now necessary to bring strategic interventions to boost consumer demand & boost sustainable growth throughout the country.
According to 53rd Retail Business Survey, Retail sales in the country have not yet experienced double-digit growth.
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Comparing regional retail sales growth from July 2023 to July 2024, the association noted a modest increase of 2 percent in pan-India retail sales for July 2024 compared to the same period the previous year.
According to the 53rd Retail Business Survey, retail sales growth in the East and North regions was 1 percent. Notably, the West region outperformed, with a growth rate of 3 percent, surpassing the pan-India average of 2 percent.
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Thus, in order to boost consumer demand and sustain long-term growth of retail industry done by all its stakeholders, RAI has called for the implementation of certain strategies.
(With Inputs From ANI)
