Newspatrolling: In a report published by global management consulting form A T Kearney, India has grabbed the number one spot in terms of ease of doing business. India has been listed at number 1 position among 30 developing countries. With this, India has surpassed China, which is now listed at the second spot. The report says that India’s top rank in the Global Retail Development Index (GRDI) has been made possible due to various factors such as FDI reforms, a rapidly expanding economy and consumption boom. The GRDI ranks the top 30 developing countries based on various parameters including 25 macroeconomic and retail-specific variables.
This year’s report titled ‘The Age of Focus’ says that China has lost the top ranking due to its slowing economy. However, due to the size of its economy and continued evolution of the retail market, the country remains to be an attractive destination for retail investments. In the section that talks about India, the report says that the retail sector in the country has witnessed a growth rate of 20 percent. Total sales have already surpassed the $1 trillion mark and it is expected that retail market size will double by the year 2020.
“Retail is an integral part of Prime Minister Narendra Modi’s development initiatives, Skill India and Make in India, because of its job creation opportunity. Relaxed rules for foreign direct investment (FDI) in key sectors have improved the ease of doing business in India,” the report said.