India is on track to become the world’s third-largest retail market by 2030, according to Reliance Industries’ annual report for FY25. The company attributed the growth outlook to favourable government policies aimed at increasing disposable incomes and consumption.
“Government initiatives, including tax relief and supportive economic policies, are expected to boost disposable incomes and stimulate consumption. With strong rural demand and projected GDP growth, the retail sector is poised for sustained expansion,” the report stated.
Reliance also noted that the outlook for the Indian retail market remains positive, backed by rapid technological advancement, increased consumer engagement, and innovative product launches. The firm underlined India’s retail sector as one of the fastest-growing consumer markets globally.
Reliance Retail invested ₹33,696 crore in FY25, marking a 37.5% increase from ₹24,506 crore in FY24. The company’s gross revenue stood at ₹3,30,943 crore, up 7.9% year-on-year.
EBITDA rose to ₹25,094 crore, reflecting an 8.6% increase. The retailer added 2,659 stores during the year, expanding its network to 19,340 stores—the largest footprint in India. Its registered customer base exceeded 349 million.
Despite the optimistic growth trend, Reliance highlighted key challenges, including rising rental costs due to a demand-supply mismatch for premium retail spaces and a shortage of skilled manpower. It also pointed to macroeconomic variables impacting consumer spending.
Citing a joint report by Boston Consulting Group and the Retailers Association of India, Reliance projected the Indian retail market to touch ₹190 trillion by 2034, growing at a CAGR of 9%.
The company remains confident in the sector’s potential, driven by growing aspirations and rising disposable incomes.
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