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A report by KPMG, India and the
Federation of Indian Chambers of Commerce and Industry (FICCI),
released in mid-2006, estimated the retail market in India
to be around US$ 200 billion, of which organized retail
accounted for US$ 6.4 billion.
Organized retail was expected to increase to US$ 23 billion
by 2010. Given the huge opportunity, many other leading
corporate groups such as the Bharti Group, Aditya Birla
Group and the Essar Group had announced their intentions to
enter the retail space.
Even foreign retail giants were keenly
tracking the developments in the Indian retail sector,
despite the restriction on foreign direct investment (FDI)
in the retail sector. |
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