India's retail sector to add 25 million new jobs by FY30, says report

India’s retail sector to add 25 million new jobs by FY30

India

By Administrator_India

Capital Sands

India With the domestic retail sector largely being successful in navigating the Covid crisis by accelerating digital adoption, it can add more than 25 million new jobs by FY30, of which the hybrid model of online and offline model will account for 50 per cent of these new roles, says a report.

According to the Nasscom and Technopak survey, in FY20 alone the retail segment accounted for 8 per cent to the total workforce with more than 35 million employees.

“The pandemic backed by ever-changing consumer preference has accelerated the adoption of online and offline play that will define the next phase of retail growth in the country. This will create enormous potential in terms of job growth, exports, and an inclusive retail ecosystem with gr­eat participation of MSMEs,” said Amitabh Kant, CEO, NITI Aayog.

In a survey of over 360 retail stakeholders titled Retail 4.0: India story — Un­locking Value through Online and Offline Collaborations — 79 per cent of the respondents said that technology will play a pivotal role in Indian retail growth. There has been a rising awareness and willingness to embrace online with 70 per cent of the overall respondents having a positive outlook towards online and offline collaborations.

“Retail 4.0 is rapidly evolving to Online+Offline (O+O) retail models that will bring incremental economic contribution, job growth, and exports. To achieve this, a greater need for collaboration among retail stakeholders, policymakers, and supporting sectors for tech-awareness will be the key, which will accelerate the sector’s growth in the years to come,” said Debjani Ghosh, presid­ent, Nasscom.

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