Retail sector sees 2% on-year growth in 2024

The retail sector grew by 2 per cent in 2024 over the corresponding period in the previous year, stated Retailers Association of India (RAI) in its 53rd Retail Business Survey.

According to the survey, West India saw the most sales growth at 3 per cent, followed by South India at 2 per cent, while North and East India showed an increase of 1 per cent each.

Of the different retail categories, food and grocery registered the highest growth of 6 per cent, followed by 3 per cent in apparel and jewellery compared to July 2023.


It explains the trends that rule various retail segments in different parts of the country, the report says. “Retail business are yet to show double digit growth. on a like for like basis.”

"The retail sector in India is facing challenges as businesses are yet to witness real growth compared to previous year. Most of the retailers are stating that they have negative growth on a like-for-like basis, which is a cause for concern,” said Kumar Rajagopalan, CEO, Retailers Association of India (RAI).

This underlines the need for strategic interventions to boost consumer demand and drive sustainable growth across the industry, he added.

RAI calls for the implementation of strategies to invigorate consumer demand and foster the long-term development of the retail industry by all its stakeholders.