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Strong Consumption Tailwind

A rising middle class and rapid urbanization continue to drive strong consumption growth.

India’s Rising Middle-class-Households share by annual income as % of total
(FY10-FY30E)
Rapid Urbanization (in M)
293
493
601
819
Consumption Growth (% CAGR from CY14 to CY21)

Organized Retail Penetration

Low penetration of organized retail continues to capture market share from unorganized retail sector.

Limited Organized Retail Penetration (CY21)
Overall Retail Market Split %

Limited Grade A Retail Stock

Per Capita Stock of Urban Consumption center (sf - As of December-2021)
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