India has emerged as a powerful hub for retail over the past decade and is projected as the third-largest retail market globally in 2024. The total merchandise value of the Indian e-retail market has grown to nearly $60 billion, the second largest in the world. India’s consumption and discretionary spending have faced headwinds in recent years. It has fallen from 11% pre-COVID (2017-19) to around 8% post-COVID (2022-24). This decline appears to be due to high inflation and stagnant real wages. Consumption pressure is evident with e-retail growth forecast to be 10% to 12% in 2024, compared to historical growth rates of over 20%.