Retail

Eight states form committees to supervise direct selling activities

Eight states have constituted committees so far to monitor direct selling as efforts continue to boost the regulatory framework to weed out entities floating fraudulent schemes and protect the interest of direct sellers and their companies. It will help protect the direct selling industry in the respective states and provide policy clarity for the industry, said Indian Direct Selling Association (IDSA) Chairman Rajat Banerji. The Consumer Protection (Direct Selling) Rules as notified by the central government in December 2021, have a provision to set up a monitoring committee by state governments to supervise the activities of direct sellers and direct selling companies. The country's direct selling industry, estimated to be worth Rs 19,000 crore, has been facing headwinds amid instances of entities floating schemes to defraud people in the guise of direct selling activities. Governments from Andhra Pradesh, Himachal Pradesh, Madhya Pradesh, Chhattisgarh, Kerala, West Bengal, Goa a

Account aggregator framework set to change dynamics in retail finance scene

The AA framework is creating a huge marketplace - based on customers' consent for sharing data - for all manner of financial vendors

Size of retail market projected to touch $2 trillion by 2032: Report

The size of the country's retail market is expected to touch USD 2 trillion by 2032, growing from USD 690 billion in 2021, according to a joint report by Anarock and Retailers Association of India (RAI). The report by property consultant Anarock and RAI said that real estate developers plan to add nearly 25 million square feet of new mall space across seven major cities over the next 4-5 years. In 2022, these seven cities added over 2.6 million sq ft of mall space, up 27 per cent from the preceding year. "The festive season, devoid of restrictions and any fear of the contagion, was exemplary with record high volumes and sales value," Anuj Kejriwal, CEO & Managing Director - ANAROCK Retail, said. Sales value estimated during the festive season in late 2022 was Rs 2.5 lakh crore, nearly 2.5 times compared to the previous year, he said. "Further, the retail market size is expected to touch USD 2 trillion by 2032, growing from USD 690 billion in 2021, facilitating the organised retail

Indian shares rise after US retail sales data lifts global sentiment

BENGALURU (Reuters) -Indian shares opened higher on Thursday tracking global peers, after latest U.S. retail sales data signalled strength in the world's biggest economy, while a return of foreign buying in domestic equities helped sentiment.The Nifty 50 index was up 0.61% at 18,126.75 as of 9:43 a.m. IST, while the S&P BSE Sensex rose 0.62% to 61,662.59.

RBI's retail CBDC generates over 750,000 transactions so far: Deputy Guv

The RBI launched the pilot project for retail CBDC on December 1 last year

Reliance Consumer bites into biscuit market to take on Britannia, Parle

Maliban, household name in Sri Lanka, is a biscuit manufacturer well known for the last 70 years

Budget 2023-24 wishlist: Here are the key challenges in retail sector

Large consumer markets and one of the youngest demographics

Mahindra Lifespace acquires 4.25 acres of land parcel in Bangalore

The project is located just off Hosur Road and offers access to well-developed social infrastructure with educational institutes, healthcare facilities, and retail avenues in proximity

Covid won't impact fast-growing retail sector in 2023, says EY's Angshuman

The wave of consolidation is likely to hit the shores of the country's fast-growing retail industry next year also as larger players seek to strengthen their footprints, leverage technologies to improve efficiency and expand beyond metros. While the growth prospects are promising, the industry is entering 2023 with "cautious optimism" amid inflationary headwinds and concerns over spurt in coronavirus cases in different parts of the world. After learning the lessons from the pandemic-induced disruptions, the retail players will continue with their multi-channel approach and marketplaces such as B2B (Business to Business) commerce and D2C (Direct to Consumer), and also focus on diversifying their supply sources. Consultancy EY's India Leader - Consumer Products & Retail Angshuman Bhattacharya said India seems to be skipping the modern trade wave, with two of the large modern trade chains adopting a path of B2B commerce and kirana integration, with an ambition to create a ...

DPIIT seeks views of ministries on draft national retail trade policy

The Department for Promotion of Industry and Internal Trade (DPIIT) has sought views of 16 departments and ministries on its draft national retail trade policy, which is aimed at overall development of all formats of the sector, an official said. After getting comments of all the departments and ministries, DPIIT would seek approval of the Union Cabinet on the policy, the official added. The policy would focus on formulating strategies to provide a globally competitive and sustainable environment for overall development of retail trade through targeted efforts. The objectives of the policy include ensuring easy and quick access to affordable credit, facilitating modernization and digitization of retail trade by promoting modern technology and superior infrastructural support; development of physical infrastructure across the distribution chain; promotion of skill development and to improve labour productivity, and providing an effective consultative and grievance redressal mechanism

Retail industry sees 19% rise in sales during Apr-Nov 2022: Report

India's retail industry saw a 19 per cent rise in sales over pre-pandemic levels during the April-November 2022 period riding on the back of strong performance of segments such as quick service restaurant and footwear, Retailers Association of India (RAI) said on Friday. Region wise, the eastern part clocked the highest growth at 21 per cent as compared to the same period in 2019, RAI said in a statement. North India followed with a 19 per cent growth while both western and southern parts witnessed an 18 per cent rise each, it added. "The industries that did particularly well during this period were the QSR (quick service restaurant) and the footwear industries, with a 30 per cent growth compared to 2019," RAI said. However, the beauty, wellness and personal care industry only saw a 7 per cent growth as against the same period in 2019, it added. "Consumers are back to shopping in stores, and it's something they enjoy even as they continue to buy online," RAI CEO Kumar Rajagopalan

Anonymity achieved in all retail CBDC wallet-to-wallet dealings done so far

Around 2,000 transactions recorded in first three days of pilot; aim now is to erase digital trails between wallets

e-Rupee: RBI creates Rs 1.71 crore of digital currency for retail pilot

Aims to involve 50,000 merchants, customers in the next few days

Brands warm up to made-in-China Singles' Day; malls see rise in footfall

Online players like Nykaa, Tata Cliq have also offered discounts on the back of Singles' Day Sale

Going forward, IOB will be posting very good results: MD & CEO Sengupta

'It has been in the range of 20-30 per cent in almost every quarter'

Retailers likely to see strong revenue performance in July-Sept quarter

According to Dolat Capital earnings preview report, retail will be the highest ranked on revenue and earnings growth from its coverage

E-commerce platform magicpin announces multiple leadership appointments

The new appointments are part of building the magicpin organisation as it prepares for its next phase of growth, and span product, marketing, technology and operations

Regulatory changes on Sebi plate: Here's a list of key discussion papers

Continuing with its consultative approach, the markets regulator, over the past one year has floated a number of discussion papers in areas such as IPO pricing, retail algo, and pricing of share sales

Despite 8% sales growth, Amazon Retail India saw Rs 794-crore loss in FY22

The numbers come amid preparations for Amazon's month-long flagship sale event The Great Indian Festival (TGIF), which starts on September 23

Dealers and automakers have a tumultuous relationship, says FADA President

Says manufacturers' financial clout has led to inequitable contracts between the two