‘Indian retail industry likely to emerge the largest’

The Hindu Business Line reports that at an international conference organized by the Confederation of Indian Industry (CII) on ‘Private Labeling in Food – Gaining Shelf Space and Market Share’ along with Agro Tech 2006 in Chandigarh, experts agreed that the Indian retail industry is likely to emerge as the largest in the world. According to Amit Vaishnav, Managing Director of Mega Food Company, a Chennai based company,

"Modern retail started in India a decade ago and now accounts for 35 per cent of the retail industry. By 2020, this may surpass 70 per cent and the 10,000 new retail stores in the pipeline would cover over 2.5 lakh sq feet."