India's retail segment to add 25 million new jobs by 2030

India’s retail segment to add 25 million new jobs by 2030

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A recent survey conducted on the retail segment of the country administered by the Nasscom and Technopak has revealed that, with the accelerated adoption of the digital platform the segment has the potential to add more than 25 million new jobs by 2030. Of which nearly 50% of the demand will be carried by the hybrid (online and offline) model.

Amitabh Kant, CEO of NITI Ayog has earlier said that, “The pandemic backed by ever-changing consumer preference has accelerated the adoption of online and offline play that will define the next phase of retail growth in the country. This will create enormous potential in terms of job growth, exports, and an inclusive retail ecosystem with gr­eat participation of MSMEs”.

Debjani Ghosh, president of Nasscom said, “Retail 4.0 is rapidly evolving to Online+Offline (O+O) retail models that will bring incremental economic contribution, job growth, and exports. To achieve this, a greater need for collaboration among retail stakeholders, policymakers, and supporting sectors for tech-awareness will be the key, which will accelerate the sector’s growth in the years to come”.

The survey titled Retail 4.0: India story – Unlocking Value through Online and Offline Collaborations  was carried over 360 retail stakeholders has also mentioned that;

  • In 2020 the retail segment accounted more than 35 million employees which is nearly 8% of the total workforce in the country.
  • Nearly 79% of the participants agreed that technology is going to play a key role in driving the retail market of India in the near future.
  • There was a positive approach to adopt the growing digital trend in between nearly the 70% of the surveyed retail stake holders.
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