India’s growing retail boom is a triumph story. With strong essentials developing in the Indian economy in the liberalized environment since 1991 with changes in income levels, lifestyles, taste & habits of consumers with preference for superior quality and branded products, vast domestic market *with a very competitive manufacturing base, India has also observed a major retail boom in recent years. Being encouraged by India’s growing retail boom many multinational companies also started making beeline to enter India’s retail market.
Investment from abroad has also been hailed by Indian industry, by and large, as the same has been considered to be very vital for adding to domestic investment, addition to capacity, higher growth in manufacturing, trade, business, employment, demand, consumption and income with multiplier effects. India, like Britain, is also a nation of shopkeepers. With over 12 mn retail outlets, India has one of the highest densities of retail outlets in the world with one retail outlet for ~90 persons. No wonder India is the ninth largest retail market in the world with annual retailsales of ~USD 215 Bn in 2005. However, the share of organized trade in India is currently very low estimated at just Rs. 35,000 Cr. in 2005 (Rs. 28,000 in 2004). This accounts for less than 4% of the total retail trade in the country. The term sunrise is used mainly because it signifies a start or beginning to a bright new day.
Similarly, sunrise sector means the sector which is coming up and will be a major source for growth, investment and profit .It necessarily need not be a new business altogether, but also an existing business that is reviving like the radio industry. Everyone had thought radios were dead and gone with MP3 etc making it big in the music and entertainment industry, but radio industry has come back remarkably and was called the sunrise sector.