Reliance Retail’s revenue increased 88.4 per cent in fiscal 2018 as compared to fiscal 2017. The retailer operates more than 10,000 stores in the country.
The company figures in Deloitte’s Global Powers of Retailing 2020 index. The Indian retail major secured the 56th spot this year against the 94th rank the previous year. Reliance Retail is the only Indian company to be featured in it. More than half the retail companies are from Japan, and almost a quarter are in China and Hong Kong. Reliance Retail jumped from sixth in the list in fiscal 2017 to first position in fiscal 2018, recording a 55.8 per cent CAGR.
Even as the economy is facing a prolonged slowdown, the resilience of the global retail sector is likely to be mirrored in India as well, especially given the tax sops announced for boosting investment in the recent union budget. Key initiatives taken include liberalisation of FDI norms for select sectors, a rollback of the much-debated tax surcharge on foreign portfolio investors, incentives to support several industries, bank consolidation, the amendment of the insolvency and bankruptcy code enabling the resolution of financial companies, and a significant cut in the corporate tax rate are sure to show some green shoots in the Indian economy leading to the boost of customer confidence.