DIGITAL WILL PROPEL MODERN INDIAN RETAIL: Saloni Nangia, President, Technopak

India's estimated GDP for FY23-24 is about $3.85 trillion and we are slated to reach nearly $10 trillion by 2035 in the next 10 years. Private consumption stands at about 2.27, similar to a lot of other developed nations of the world and this will only grow stronger in the next few years, said Saloni Nangia, President, Technopak India, at India Fashion Forum 2024.

However, growth in consumption is concentrated in a few pockets in the country, she said, adding that 20% of the entire consumption was accounted for by Mumbai and Delhi-NCR. The next 20% of consumption comes from the six metro cities, while the third 20% comes from 65 cities in India. The remaining consumption comes from the rest of the country.

She said that India will be crossing the $1 trillion mark in merchandise retail in this financial year, and this will double in the next 10 years. "At 60% India, is similar to a lot of developed countries from a consumption perspective. In the fashion category (apparel) stood at about $70 billion in 2023. This makes it very exciting for anyone who is in the business of merchandise in India," she said.

Size of the Fashion Retail Market in India

The size of the fashion market inclusive of beauty and accessories is $113 billion. Beauty remains the fastest-growing category and in the next few years, we will see apparel's share going down. However, as a category, apparel will grow its share of modern retail over the next few years.

• Menswear holds the largest share at about 40%. There is 90 % -10% split between Western and Indian clothing.

• Womenswear is the next the smaller one, but is growing at a fast rate. There is 30%-70% split between Western and Indian clothing.