Friday, December 6, 2024
News

India's e-commerce market size to reach $120 billion by 2026: Report

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

New Delhi | July 8, 2022 7:32:18 PM IST
Indian e-commerce market is expected to reach $120 billion by 2026 from as low of $38 billion in 2021, and this exponential rise in retail and e-commerce businesses will fuel the economic growth of the warehousing and logistics sector in the country according to a new report.

The joint report was released by industry body FICCI and property consultancy Anarock on Thursday.

As per the report, the market size of retail segment is estimated to grow to more than $1. 8 trillion by 2030 from $705 billion in 2020.

"Additionally, COVID-19 has accelerated the growth of e-commerce across India. Online shopping has increased significantly in Tier-II and Tier-III cities as well due to the easy availability of the internet on cheaper tariffs and restrictions on physical movement during the time of the pandemic," the industry body said in a statement.

This improved trend has provided an impetus to the warehousing and logistics sector beyond tier-I cities. The constant push and ambitions for infrastructure development and policy support provided by the government is expected to ride the next wave of growth for the industrial, warehousing, and logistics sectors in India, it added.

It cited some of the measures taken by the Central government such as Gati Shakti Program, GST, National Manufacturing Policy, Self-Reliant Campaign, land and tax reforms.

Additionally, Covid-19-led lockdowns across the globe highlighted the need for a 'China plus one' strategy for manufacturing as the supply chain for various companies was disrupted at the time of forced lockdowns in China.

Several companies are now looking to shift their base away from China, or are keen to open a new manufacturing facility in other countries, and India too is a top contender.

National Logistics Policy is in the draft stage and is expected to change the face of the logistics sector in India, it further said.

The FICCI-Anarock report said that demand for office spaces in the key office hubs will be fortified with companies planning a steady return of employees to offices despite the pandemic coupled with positive hiring intentions during the second quarter of 2022.

"There would be more demand for quality workspaces that are well-located and offer convenience to the employees besides a gamut of other facilities that promote well-being and hygiene," the statement added. (ANI)

 
  LATEST COMMENTS ()
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE BUSINESS NEWS
Afcons completes longest tunnelling driv...
Aarthi Scans adopts Australian AI techno...
Mukesh Ambani along with Anant Ambani an...
Google collaborates with AP Govt. to acc...
30 Leading Indian Startups Join Startup ...
Amity University Bengaluru partners with...
More...
 
INDIA WORLD ASIA
President Murmu inaugurates new Judicial...
Fadnavis is a great asset for party: BJP...
Pralhad Joshi launches 'Anna Chakra', Pu...
Union Railway Minister Ashwini Vaishnaw ...
BJP MP Rameswar Teli welcomes Assam govt...
PM Modi congratulates people of Nagaland...
More...    
 
 Top Stories
"He came out not like a cat on a ho... 
"America wants to see healthy democ... 
Amit Narang appointed next ambassad... 
Odisha FC's home scoring streak end... 
ICC, PCB reportedly agree on hybrid... 
Hybrid cricket pitches are now star... 
PM Modi reiterates commitment to Bh... 
India, Rwanda hold second Foreign O...