Boosted by the Indian government's push towards a cashless economy and Digital India initiative, India's retailing sector has surpassed China with an expected growth of $1.3tn by 2020, according to the latest report by Indian Brand Equity Foundation (IBEF).

India's retailing sector has also been further strengthened by investments from prominent international brands, such as Hamleys, Ikea, Amazon and Gap. Despite considering bankruptcy, Toys R Us is opening its first retail store in India, while IKEA is setting up its store in Bengaluru.

Ecommerce giant Amazon is already exploiting India, its fastest growing market, by expanding its portfolio. It recently acquired a five percent stake in Indian fashion retailer Shoppers Stop.

Similarly, Adidas India outlined plans of opening around 30-40 big flagship stores across Delhi, Mumbai and Bengaluru by 2020.

The report further stated that India’s Business to Business (B2B) ecommerce market is expected to reach $700bn by 2020.

Mary Meeker 2017’s report showcased India as an emerging Internet superpower, even though only 27% of the country’s population has access to Internet right now.

India's retail industry will be at par with India's fastest growing e-commerce industry which is estimated to reach $60bn by 2020. Forrester's recent report stated that despite decline in the average spend, online spending in India grew by 11% in H1 2017.