After manufacturing, it can be said that one of the most important pillar of Indian economy is the retail industry. Indian retail industry is one of the fastest growing retail industry of the world. Retail is nothing but the bringing of final goods to the consumer and the customers. Retail is the final stage of a supply chain, and is the industry that a consumer directly interacts with. The Indian retail industry, in recent times, has proved to be one of the most dynamic and rapidly growing industry. This is because the industry has opened itself to entry for a lot of new players and investment. The total growth of the industry is expected to reach nearly $3600 Billion by the year 2020, which is a huge jump from the $1824 Billion in the year 2017.
Retail industry is not only important to the economy of India but indispensable to the over all growth of the country as it amounts to 105 of the nation’s GDP and provides for around 8% of the total employment. In terms of retail space, India already is the 5th largest around the globe.
Governing an industry as dynamic and dominant, a strong set of legal and regulatory system is required which is mainly provided by the National Consumer Forum and the National Consumer Tribunals. The main law that governs the retail segment is targeted toward the protection of consumer in the form of the Consumer Protection Act, 2019. A few other regulatory bodies and laws that govern the retail industry are:
- The Legal Metrology Act
- Bureau of Indian Standards (BIS)
- Food Safety and Standards Authority of India (FSSAI)
- Drugs and Cosmetics Act