

India has left China behind and is now the top destination for retail investment. India scored 71.7 points, whereas China managed to get 70.4 points.A study by AT Kearney's Global Retail Development Index (GRDI) ranked top 30 developing markets for retail investment, keeping several factors such as favourable foreign investment environment, strong economic growth, etc in mind.In India, mobile shopping grew last year by 121 percent, 192 percent in China, 151 percent in Vietnam and 87 percent in Nigeria.The study said the condition for retailers in India are favourable and will continue to provide strong fundamentals. The GDP is forecast to grow 7.4 percent in 2017 and 7.6 percent in 2018, which is helping boost the middle class and increase consumer spending beyond the essentials. These trends are expected to help organised retail double in size by 2020.India has relaxed several factors for FDI in several factors as the government has allowed 100 percent foreign ownership in B2B e-commerce businesses and for retailers that sell food products manufactured in India.Multiple foreign brands have mushroomed in India such as Armani Exchange, Cole Haan, Heatwave, Muji, Massimo Dutti, Kate Spade and Neil Barrett.Even IKEA has shown interest in India and plans to invest $1.56 billion to set up 25 stores nationwide.Meanwhile, Malaysia, Turkey and UAE constitute the top 5 countries in the GRDI.