The Indian retail market is expected to reach $410 billion by the end of the current fiscal, according to the Associated Chambers of Commerce and Industry of India (Assocham).
Another report on India's retail market released here late last month had made similar projections, saying the sector was expected to reach $535 billion by 2013.
"With anticipated $30 billion fresh investment over the next five years, modern retail will show impressive compound annual growth rate of 40 percent," said the Fashion and Lifestyle Franchise Report 2009-10.
"With this growth rate, the market is expected to reach $535 billion by 2013," added the report compiled by Franchise India Holding Ltd, a franchise solutions provider.
As per the Assocham study released Monday, the retail sector is estimated to grow 5.5 percent to become $410 billion market by April 2010, registering growths of more than 22 percent and 30 percent in the third and fourth quarters this fiscal.
The study noted that the share of retail trade in the country's gross domestic product (GDP) was between 8-10 percent in 2007.
With strides of development in the organized retail segment, its share has now risen to 12 percent, Assocham said.
Also, organised retail, which currently accounts for nearly 5 percent of the retail market, is pegged at around $9.23 billion and was expected to grow at 2.3 percent to touch $13 billion by the end of this financial year.
"Retail sector is witnessing exponential growth with development taking place not only in major cities and metros but even in tier-II and tier-III cities in India," said Assocham president Swati Piramal in a statement.