India - Consumer Electronics Retail, October 2023

MarketLine Industry Profile
Consumer Electronics Retail in India

October 2023
Reference Code: 0102-2033
Publication Date: October 2023
Primary NAICS: 4431
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Industry Profiles
1. Executive Summary
1.1. Market value

The Indian consumer electronics retail market grew by 11.9% in 2022 to reach a value of $86,371.6 million.
1.2. Market value forecast

In 2027, the Indian consumer electronics retail market is forecast to have a value of $166,102.6 million, an
increase of 92.3% since 2022.
1.3. Category segmentation

Communications equipment is the largest segment of the consumer electronics retail market in India,
accounting for 37.8% of the market's total value.
1.4. Geography segmentation

India accounts for 13.8% of the Asia-Pacific consumer electronics retail market value.
1.5. Market rivalry

In the consumer electronics retail market, huge chain companies coexist with small independents. It is
relatively easy for a company to step up its sales volume in response to market conditions, easing rivalry.
1.6. Competitive landscape

India is home to two long-established heavyweights in consumer electronics retail, but the strong presence
of online pure-play retailers is creating tension between traditional stores and e-commerce. These retailers
have been criticized for their exclusivity deals and price-cutting, and increasingly protectionist attitudes
towards electronics retail in India could impact the market going forward. The market experienced strong
growth during the historic period and witnessed strong growth in 2022. The leading players in the Indian
market are Infiniti Retail and Reliance Digital.

Industry Profiles
TABLE OF CONTENTS
1. Executive Summary 2
1.1. Market value ................................................................................................................................................2
1.2. Market value forecast ..................................................................................................................................2
1.3. Category segmentation................................................................................................................................2
1.4. Geography segmentation.............................................................................................................................2
1.5. Market rivalry...............................................................................................................................................2
1.6. Competitive landscape.................................................................................................................................2
2. Market Overview 7
2.1. Market definition .........................................................................................................................................7
2.2. Market analysis ............................................................................................................................................7
3. Market Data 9
3.1. Market value ................................................................................................................................................9
4. Market Segmentation 10
4.1. Category segmentation..............................................................................................................................10
4.2. Geography segmentation...........................................................................................................................12
4.3. Market distribution ....................................................................................................................................13
5. Market Outlook 14
5.1. Market value forecast ................................................................................................................................14
6. Five Forces Analysis 15
6.1. Summary ....................................................................................................................................................15
6.2. Buyer power...............................................................................................................................................17
6.3. Supplier power ...........................................................................................................................................19
6.4. New entrants .............................................................................................................................................21
6.5. Threat of substitutes ..................................................................................................................................23
6.6. Degree of rivalry.........................................................................................................................................24
7. Competitive Landscape 25

Industry Profiles
7.1. Who are the leading players? ....................................................................................................................25
7.2. Comparison of the strengths and weaknesses of the leading firms? ........................................................25
7.3. What are the most recent developments in the market? .........................................................................26
8. Company Profiles 27
8.1. Infiniti Retail Ltd .........................................................................................................................................27
8.2. Reliance Industries Limited ........................................................................................................................29
9. Macroeconomic Indicators 33
9.1. Country data ..............................................................................................................................................33
Appendix 35
Methodology ...........................................................................................................................................................35
9.2. Industry associations..................................................................................................................................36
9.3. Related MarketLine research .....................................................................................................................36
About MarketLine....................................................................................................................................................37

Industry Profiles
LIST OF TABLES
Table 1: India consumer electronics retail market value: $ million, 2017–22 9
Table 2: India consumer electronics retail market category segmentation: % share, by value, 2017–2022 10
Table 3: India consumer electronics retail market category segmentation: $ million, 2017-2022 10
Table 4: India consumer electronics retail market geography segmentation: $ million, 2022 12
Table 5: India consumer electronics retail market distribution: % share, by value, 2022 13
Table 6: India consumer electronics retail market value forecast: $ million, 2022–27 14
Table 7: Infiniti Retail Ltd: key facts 27
Table 8: Infiniti Retail Ltd: Key Employees 28
Table 9: Reliance Industries Limited: key facts 29
Table 10: Reliance Industries Limited: Annual Financial Ratios 31
Table 11: Reliance Industries Limited: Key Employees 32
Table 12: India size of population (million), 2018–22 33
Table 13: India gdp (constant 2005 prices, $ billion), 2018–22 33
Table 14: India gdp (current prices, $ billion), 2018–22 33
Table 15: India inflation, 2018–22 33
Table 16: India consumer price index (absolute), 2018–22 33
Table 17: India exchange rate, 2018–22 34

Industry Profiles
LIST OF FIGURES
Figure 1: India consumer electronics retail market value: $ million, 2017–22 9
Figure 2: India consumer electronics retail market category segmentation: $ million, 2017-2022 11
Figure 3: India consumer electronics retail market geography segmentation: % share, by value, 2022 12
Figure 4: India consumer electronics retail market distribution: % share, by value, 2022 13
Figure 5: India consumer electronics retail market value forecast: $ million, 2022–27 14
Figure 6: Forces driving competition in the consumer electronics retail market in India, 2022 15
Figure 7: Drivers of buyer power in the consumer electronics retail market in India, 2022 17
Figure 8: Drivers of supplier power in the consumer electronics retail market in India, 2022 19
Figure 9: Factors influencing the likelihood of new entrants in the consumer electronics retail market in India, 202221
Figure 10: Factors influencing the threat of substitutes in the consumer electronics retail market in India, 2022 23
Figure 11: Drivers of degree of rivalry in the consumer electronics retail market in India, 2022 24

Industry Profiles
2. Market Overview
2.1. Market definition

The consumer electronics retail market comprises the sales of communications equipment, computer hardware
and software, consumer electronics, household appliances, and photographic equipment.
Communications equipment includes retail sales of answer machines, fax machines, fixed-line telephones, mobile
phone accessories, and mobile phones.
Computer hardware and software includes retail sales of desktops and laptop computers, software, memory
sticks, CD packs, hard disks and other data storage devices, computer peripherals, PDAs, organizers, calculators,
and satellite navigation systems.
Consumer electronics includes retail sales of CD players, DVD players and recorders, hi-fi systems, home theatres,
in-car entertainment systems, portable digital radios, radios, televisions and video recorders, home use, and
portable game consoles.
Household appliances include major domestic appliances (air conditioners, dishwashers, dryers, freezers, hobs and
extractors, microwave ovens, refrigerators, stoves, vacuum cleaners and washing machines) plus minor domestic
appliances (blenders, coffee machines, deep fryers, food processors, grills, hair products, hair trimmers, curling
tongs, razors, hand-held mixers, irons, juicers, kettles, stand mixers, toasters, sun lamps and fans).
Photographic equipment includes camcorders, cameras, projectors, camera and camcorder accessories,
binoculars, and telescopes.
All market data and forecasts are represented in nominal terms (i.e., without adjustment for inflation), and all
currency conversions used in this report have been calculated using constant 2022 annual average exchange rates.
For the purposes of this report, the global market consists of North America, South America, Europe, Asia-Pacific,
Middle East, South Africa and Nigeria.
North America consists of Canada, Mexico, and the United States.
South America comprises Argentina, Brazil, Chile, Colombia, and Peru.
Europe comprises Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy,
Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, Turkey, and the United Kingdom.
Scandinavia comprises Denmark, Finland, Norway, and Sweden.
Asia-Pacific comprises Australia, China, Hong Kong, India, Indonesia, Kazakhstan, Japan, Malaysia, New Zealand,
Pakistan, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam.
Middle East comprises Egypt, Israel, Saudi Arabia, and United Arab Emirates.
2.2. Market analysis

The Indian consumer electronics market experienced strong growth during the historic period between 2017 and
2022. The market achieved strong growth of 11.9% in 2022. The market is anticipated to grow at a strong rate
over the forecast period.
The growth in the Indian consumer electronics market is influenced by several macroeconomic factors, such as
rising GDP and growing consumer confidence. For instance, according to the Reserve Bank of India, consumer
confidence in India rose from 88.10 points in July 2023 to 92.20 points in September 2023. Moreover, the real GDP
annual growth rate of India in 2022 stood at 7.2%, according to GlobalData. Taking these factors into
consideration, the market is poised for sustained growth.

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The Indian consumer electronics market had total revenues of $86.4 billion in 2022, representing a compound
annual growth rate (CAGR) of 10.1% between 2017 and 2022. In comparison, the South Korean and Chinese
markets grew with CAGRs of 1.7% and 6%, respectively, over the same period to reach respective values of $36.8
billion and $330.7 billion in 2022.
The Indian consumer electronics retail market is experiencing rapid growth, driven by a growing middle class,
increased purchasing power, and a surge in demand for smartphones, smart TVs, and home appliances. E-
commerce giants like Flipkart and Amazon India have revolutionized the retail landscape, offering doorstep
delivery services and attractive discounts. India's tech-savvy youth population is driving the adoption of
smartphones, wearables, and gaming consoles. The government's Make in India initiative has attracted global
electronics manufacturers, leading to high-quality, affordable devices. Consumers are also increasingly interested
in eco-friendly electronics and sustainable practices. Digital payment solutions like Paytm and Google Pay have
streamlined the purchasing process, contributing to the market's growth and shaping the future of consumer
electronics retail in India. The growth of the market in recent years can be partly attributed to the rise in
disposable income among individuals, coupled with increasing demand for smart home integration. For instance,
according to GlobalData, the net household disposable income of India stood at $2,016.3 billion in 2022, an
increase of 9.9% from the previous year.
The communications equipment segment accounted for the market's largest proportion in 2022, with total
revenues of $32.7 billion, equivalent to 37.8% of the market's overall value. The consumer electronics segment
contributed revenues of $21.4 billion in 2022, equating to 24.8% of the market's aggregate value.
India's consumer electronics market is dominated by smartphones, with key players like Xiaomi, Samsung, and
Vivo dominating the market. The country's large population, affordable data plans, and internet connectivity have
led to a smartphone revolution, making devices ubiquitous in urban and rural areas. Demand for smartphones is
driven by social connectivity, digital services, and online education and entertainment. Government initiatives like
Digital India and 4G and 5G network expansion have accelerated smartphone adoption, making communication
devices the cornerstone of the Indian market. This dominance is reflected in the rise of homegrown brands and
technologically advanced devices, shaping the future landscape of communication equipment in India.
The performance of the market is forecast to accelerate, with an anticipated CAGR of 14% over 2022–27, which is
expected to drive the market to a value of $166.1 billion by the end of 2027. Comparatively, the South Korean and
Chinese markets will grow with CAGRs of 3.9% and 6.5%, respectively, over the same period to reach respective
values of $44.6 billion and $453.6 billion in 2027.
The Indian consumer electronics market is expected to experience significant growth due to the increasing
popularity of e-commerce, an expanding online user base, and changing consumer lifestyles. For instance,
according to in-house research, the Indian e-commerce market value stood at $74.8 billion in 2022 and is expected
to reach $120.3 billion in 2025. Furthermore, the annual growth of internet users in India stood at 8.5% in 2022
and is expected to reach 968,901,047 users in 2030, according to in-house research. These factors collectively
indicate a thriving market landscape with increasing consumer demand for digital shopping experiences and
doorstep delivery services.

Industry Profiles
3. Market Data
3.1. Market value

The Indian consumer electronics retail market grew by 11.9% in 2022 to reach a value of $86,371.6 million.
The compound annual growth rate of the market in the period 2017–22 was 10.1%.
Table 1: India consumer electronics retail market value: $ million, 2017–22
Year $ million Rs. million € million % Growth

2017 53,332.6 4,191,828.9 50,696.4
2018 61,137.5 4,805,279.2 58,115.5 14.6%
2019 69,557.7 5,467,087.8 66,119.5 13.8%
2020 62,778.8 4,934,280.4 59,675.7 (9.7%)
2021 77,172.7 6,065,611.6 73,358.1 22.9%
2022 86,371.6 6,788,627.9 82,102.4 11.9%
CAGR: 2017–22 10.1%

Source: MARKETLINE MARKETLINE
Figure 1: India consumer electronics retail market value: $ million, 2017–22

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4. Market Segmentation
4.1. Category segmentation

Communications equipment is the largest segment of the consumer electronics retail market in India, accounting
for 37.8% of the market's total value.
The Consumer electronics segment accounts for a further 24.8% of the market.
Table 2: India consumer electronics retail market category segmentation: % share, by value, 2017–2022
Category 2017 2018 2019 2020 2021 2022

Communications
38.7% 41.0% 43.1% 44.3% 41.1% 37.8%
Equipment
Consumer Electronics 20.4% 19.6% 18.6% 21.7% 21.7% 24.8%
Computer Hardware &
20.8% 19.7% 18.7% 19.5% 22.6% 21.2%
Software
Household Appliances 15.9% 15.8% 15.8% 12.2% 12.0% 13.2%
Photographic 3.0%
4.2% 3.9% 3.7% 2.3% 2.6%
Equipment
Total 100% 100% 100% 100% 100% 100%

Table 3: India consumer electronics retail market category segmentation: $ million, 2017-2022
Category 2017 2018 2019 2020 2021 2022 2017-22

CAGR(%)
Communications
20,651.4 25,081.1 29,992.0 27,841.6 31,684.5 32,666.7 9.6%
Equipment
Consumer
10,893.2 11,990.2 12,967.3 13,613.6 16,752.4 21,402.6 14.5%
Electronics
Computer Hardware
11,090.3 12,021.8 13,040.1 12,248.3 17,453.9 18,313.3 10.6%
& Software
Household
8,478.6 9,644.5 10,985.0 7,659.6 9,258.5 11,414.2 6.1%
Appliances
Photographic 3.0%
2,219.1 2,400.0 2,573.2 1,415.7 2,023.4 2,574.9
Equipment
Total 53,332.6 61,137.6 69,557.6 62,778.8 77,172.7 86,371.7 10.1%


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Figure 2: India consumer electronics retail market category segmentation: $ million, 2017-2022

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4.2. Geography segmentation

India accounts for 13.8% of the Asia-Pacific consumer electronics retail market value.
China accounts for a further 52.8% of the Asia-Pacific market.
Table 4: India consumer electronics retail market geography segmentation: $ million, 2022
Geography 2022 %
China 330,688.2 52.8
India 86,371.6 13.8
Japan 69,820.7 11.1
South Korea 36,845.1 5.9
Taiwan 13,606.9 2.2
Rest of Asia-Pacific 89,416.0 14.3
Total 626,748.5 100.1%

Figure 3: India consumer electronics retail market geography segmentation: % share, by value, 2022

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4.3. Market distribution

Electrical and Electronics Specialists form the leading distribution channel in the Indian consumer electronics retail
market, accounting for a 48.2% share of the total market's value.
Online Specialists accounts for a further 35.1% of the market.
Table 5: India consumer electronics retail market distribution: % share, by value, 2022
Channel % Share
Electrical and Electronics Specialists 48.2%
Online Specialists 35.1%
Other Online Retail 7.8%
Hypermarkets, Supermarkets And Hard Discounters 4.5%
Other 4.4%
Total 100%
Figure 4: India consumer electronics retail market distribution: % share, by value, 2022

Industry Profiles
5. Market Outlook
5.1. Market value forecast

In 2027, the Indian consumer electronics retail market is forecast to have a value of $166,102.6 million, an
increase of 92.3% since 2022.
The compound annual growth rate of the market in the period 2022–27 is predicted to be 14%.
Table 6: India consumer electronics retail market value forecast: $ million, 2022–27
Year $ million Rs. million € million % Growth

2022 86,371.6 6,788,627.9 82,102.4 11.9%
2023 98,635.4 7,752,538.4 93,760.0 14.2%
2024 112,629.3 8,852,422.3 107,062.1 14.2%
2025 128,312.2 10,085,072.7 121,969.9 13.9%
2026 146,036.1 11,478,131.1 138,817.7 13.8%
2027 166,102.6 13,055,315.9 157,892.3 13.7%
CAGR: 2022–27 14.0%

Figure 5: India consumer electronics retail market value forecast: $ million, 2022–27

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6. Five Forces Analysis

The consumer electronics retail market will be analyzed taking the retailers who sell communications equipment,
computer hardware and software, consumer electronics, household appliances, and photographic equipment as
players. The key buyers will be taken as individuals, corporates, schools, hospitals and small commercial businesses
like hotels, cafes, etc., and manufacturers and wholesalers if consumer electronics as the key suppliers.
6.1. Summary
Figure 6: Forces driving competition in the consumer electronics retail market in India, 2022
In the consumer electronics retail market, huge chain companies coexist with small independents. It is relatively easy
for a company to step up its sales volume in response to market conditions, easing rivalry.
The Indian consumer electronics retail market is characterized by a huge number of small buyers, end-users, or
consumers. Buyer power is generally limited in the retail industry because losing any customer has little to no effect on
the shop. Potential customers are expanding in line with the adoption of smart gadgets into everyday living
expectations and the rise in average salaries.
Major retailers frequently purchase inventory directly from manufacturers like LG and Samsung. These are huge
international corporations with a lot of negotiating power. Due to the scale advantages of the electronics industry,
there will probably always be a disproportionate number of large manufacturers in front of the retailers.
Retailers rarely integrate backward into manufacturing, but some manufacturers own high-street outlets that offer only
their products. Manufacturers are reluctant to venture into direct-to-consumer sales to the extent that they no longer
rely on traditional retailers to drive sales, though.
Consumers are not strongly tied to their current retailers by high switching costs. Although retail markets frequently
require a lot of labor, it is not difficult to find the skill sets needed for many of the customer-facing employees. On the
other hand, direct competition with market-leading incumbents would necessitate more funding to build infrastructure
for retail distribution and branding.
Substitutes in consumer electronics pose a threat to traditional sales, particularly in audio and video devices.
Smartphones are causing a decline in camera sales, while tablets are affecting computer sales. Landline telephones are

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also being replaced by mobile devices. However, some traditional methods, including the air drying of clothes and hand
washing of dishes, are still perfectly viable substitutes to their technological counterparts, i.e., tumble dryers and
dishwashers.

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6.2. Buyer power
Figure 7: Drivers of buyer power in the consumer electronics retail market in India, 2022
The Indian consumer electronics retail market is characterized by huge volumes of small buyers, end-users, or
consumers. As the impact on a retailer of losing any particular customer is nominal, buyer power is weak.
Electrical and electronics specialists are the dominant channel in this market, accounting for 48.2% of the market in
2022. It is difficult for retailers of consumer electronics to differentiate themselves from online pure-play retailers,
which makes up for a lack of on-hand expertise with customer reviews.
Greater deliberation usually occurs over more expensive items, such as refrigeration and washing appliances, while
cheaper items such as microwaves and toasters are usually bought with lower expectations in terms of life cycle. Buyers
expect more expensive appliances to have longer lifespans to avoid the need to purchase them frequently. Consumers
focus on efficiency and quality as well as cost. Such deliberation increases buyer power as it forces retailers to consider
the relevant sensitivities of buyers in terms of price and quality.
Except for high-end 'boutique' electronics specialists and retail stores operated by manufacturers such as Samsung and
Apple, most retailers sell the same products manufactured by the big electronics manufacturers. In combination with
customer price sensitivity, particularly for "big ticket" items like televisions, and the absence of major switching costs,
buyer power tends to appear more powerful.
While there is a possibility of market players forward integrating, by setting up their own retail spaces, this is not
commonplace. The main example of this happening is Apple Stores. By 2023, Apple anticipates operating over 600
stores, up from 511 as of August 2018, in 24 countries. While these stores focus solely on Apple products, which
weakens buyer power, consumers can also shop around other retailers that also stock Apple products (Authorized
Apple Resellers). However, this takes a lot of resources to set up, local foot traffic, real estate, and local legal
requirements, which can deter players who can sell directly to consumers online instead. Very few companies have
chosen to pursue this route.
The trend of working from home is still prevalent, increasing demand for computers, laptops, and accessories. Sales of
headphones and Bluetooth headsets have grown as a result of online learning and meetings. However, because of
decreased consumer confidence and purchasing power brought on by economic uncertainty, sales of things like
televisions and other expensive items have decreased.
In 2022, work-from-home culture continued, with people particularly embracing the hybrid working model towards the
end of the year. This has stimulated lifestyle changes around the world. People have become more aware and confident

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in using consumer electronics for professional work. In addition, lifestyle changes have stimulated demand for
consumer electronics at home, such as televisions and personal computers. As a result, sales of personal computers
and televisions outperformed smartphones, with the former recording the highest growth.
Overall, buyer power is moderate.

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6.3. Supplier power
Figure 8: Drivers of supplier power in the consumer electronics retail market in India, 2022
Major retailers often buy stock directly from manufacturers, such as Apple and Samsung. These are large
multinationals, with considerable bargaining strength. Electronics manufacturing benefits from scale economies, and so
it is likely that there will always be a preponderance of large manufacturers upstream of the retailers.
Retailers rarely integrate backward into manufacturing, but some manufacturers run high-street retail chains to sell
their products exclusively. Samsung and Apple are both examples of this. However, beyond the very largest
manufacturers with brand images that are widely recognized, it is unlikely manufacturers would ever extend
themselves so far into direct-to-consumer business that pure retailers become unimportant for their sales.
Consumer electronics retail is a fairly commoditized market, particularly in appliances. Even an innovative product soon
stimulates manufacturers to produce similar items. For instance, Apple products such as the iPhone 14 Pro and iPhone
14 Pro Max, one of the most desirable consumer electronics products of 2022, incorporate several features from
Samsung, such as intelligent display and long battery life. Supplier power is strong in certain areas of the market.
Smartphone manufacturers depend upon a small number of companies for components not made in-house. Apple
sources numerous parts for iPhones from Samsung because no other company possesses the resources to make parts
on the scale and to the quality Apple requires. Unless another company emerges that can match Samsung, the Korean
conglomerate will continue to enjoy substantial supplier power.
Supplier power for parts of the market such as household appliances is rising based on recent economic data.
Household appliances typically receive a boost in sales when the economy is doing well because the number of house
renovations rises significantly. Because such items often have a lengthy replacement cycle, when sales rise rapidly,
leading suppliers are frequently in heavy demand, enabling the best-performing suppliers to exert power over buyers.
However, whilst this is true for smartphones and other goods in the consumer electronics market, the same cannot be
said for household appliances, fixed-line phones, CD players, and a plethora of other electrical goods. Cheap products
have been made possible by the standardization of components, lowering production costs and enabling more
suppliers to be present in the market. For high-end products, some manufacturers are backward integrating into
component making, allowing some to become suppliers to rivals. Apple produces parts that go into the LED display
panels made by rivals.
As the majority of rare earth materials come out of China, non-Chinese suppliers are at a disadvantage. These suppliers
can offer more competitively priced products as a result of lax labor laws. Though Chinese suppliers have suffered from
negative stories in recent years, such as poisoned water supplies and miners dying young, the lack of alternatives to

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rare-earth materials in this market makes these an essential element of the IT hardware market, therefore increasing
supplier power.
Suppliers for components will likely range from larger companies that supply a range of parts, to more specialized,
smaller companies. This is due to the highly specialized nature of the business. Manufacturing semiconductors, for
example, is only done by a small number of companies such as Intel, Samsung, Qualcomm, and SK Hynix; in addition to
the majority of the supply coming from Taiwan. This increases supplier power as there are fewer options available.
However, for other components such as hard disks, there is an increased risk of backward integration as players seek
more control over the manufacturing process, which lessens supplier power.
Also, where a manufacturer has valuable intellectual property, it can choose to generate revenue through licensing
agreements rather than defending exclusivity to charge high prices. For example, Blu-ray player manufacturers must
pay a royalty to the Blu-ray format patent holders for each player they make. From the perspective of retailers, this will
tend to weaken supplier power, as it means that no one supplier monopolizes a particular product category.
Overall, supplier power is moderate.

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6.4. New entrants
Figure 9: Factors influencing the likelihood of new entrants in the consumer electronics retail market in India, 2022
Electronics retail in India is not very consolidated and surviving as a pure electronics retailer is still fairly achievable
thanks to huge and growing demand. Entry on a small scale is possible without the need for vast amounts of capital,
complex regulatory compliance, or the acquisition of intellectual property.
Consumers have few switching costs to tie them to existing retailers. Retail markets tend to be labor-intensive, but the
skill sets required for many customer-facing staff are not hard to find.
On the other hand, competing directly with leading incumbents such as Croma or Reliance Digital would require larger
resources, in order to develop infrastructure in terms of retail distribution and branding. Barriers to entry from
incumbents include their superior ability to engage in sustained price-cutting and economies of scale, and a larger
reach across the country. Complementing this, central administrative costs may not rise as quickly as revenue as the
number or size of stores increases, and the cost of implementing an e-retail website may be easier for a large company
to absorb. Omni-channel retailing is becoming significant for brick-and-mortar chains to survive. Moderate growth in
the market will attract new entrants.
Ecommerce is of enormous importance for the Indian consumer electronics market and is driven by the growing market
share of online pureplay retailers. Electrical items benefit over other consumer markets because many people will gain
knowledge about certain devices through word-of-mouth. Furthermore, many consumers are interested in purchasing
updated versions of products they already own, removing many factors that may deter online shopping. Companies
have found many consumers are willing to shop over the internet provided they are able to try out a physical item
before buying. ‘Showrooming’ is becoming increasingly commonplace, enabling consumers to compare prices against
the online offering. This enables companies to run stores cheaper because there is minimal need for stock. For possible
new entrants, the trend towards online shopping reduces the barriers to entry by lowering the need for a network of
physical stores. Furthermore, it places an emphasis on developing brand image online, which can be achieved much
quicker and at a lower cost than would otherwise be the case.
Entering the market remains difficult, however, and demands extensive resources. Next-day-delivery is becoming much
more commonplace in built-up areas, especially in areas of high income, which are generally regarded as being very
accepting of new technology. Fast turn-around times from the point of order to dispatching a delivery is an area of
fierce competition, forcing new entrants to invest heavily in advanced warehouse technology to compete against
established players. For retailers of big household appliances, this is particularly important. Due to the large size and

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weight of washing machines and other household appliances, storing and then transporting goods is somewhat harder
than hand-held electronic devices, raising barriers to entry.
Prospects for new entrants vary significantly according to which segment a company plans to enter. Growing segments
are more likely to attract new entrants but also more likely to be highly competitive. Communications equipment is the
fastest growing segment even though mobile phones is a heavily saturated market and the top ranked smartphones
have historically experienced price inflation when new models are released. Most consumers of consumer electronics
in India already have a mobile phone; the penetration of smartphones generally increases each year. Household
appliances are also very competitive, making it harder for new entrants to gain a significant share of the market.
Products are manufactured in vast numbers by the leading companies, enabling greater economies of scale to be
realized. Because almost everyone will at some point purchase household appliances, and the shortening replacement
cycle some products have experienced, prices charged in the segment are subject to significant downward pressure.
Consequently, the intense competition could deter new entrants.
All in all, the threat of new entrants is assessed as strong.

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6.5. Threat of substitutes
Figure 10: Factors influencing the threat of substitutes in the consumer electronics retail market in India, 2022
The threat of substitutes for consumer electronics products varies greatly depending on the product. For the
generalists, ranging from small second-hand electronics shops to supermarkets to online pure-play retailers, a new
substitute product can usually be assimilated into existing stock, and it is easy to adapt. For instance, affordable laptops
like the Google Chromebook are now replacing demand for tablets, but retailers have been unaffected, simply
redistributing their stock. As the market is increasingly characterized by generalist retailers, especially in the online
pure-play segment, substitutes are increasingly seen as opportunities rather than threats.
Certain types of specialist retailers have recently fallen foul of substitute consumer electronics products, but there are
not currently any indications that this could happen again soon. Audio and photographic hardware specialists are a
notable example, having been impacted by the integration of their products into smartphones. The integration of
computing power, however, has not had the same effect; smartphones can often meet the average consumer’s needs
for processing power, but laptops still have obvious advantages, and computer specialists remain unthreatened.
Switching costs are low for the consumer, and the price of substitute products is always calculated to make these
attractive and attainable to at least one section of the market.
In conclusion, substitute products are abundant but represent a diminishing threat to increasingly generalist retailers
and are therefore assessed as weak.

Industry Profiles
6.6. Degree of rivalry
Figure 11: Drivers of degree of rivalry in the consumer electronics retail market in India, 2022
The shrinking pool of competitors in consumer electronics retail is having a dampening effect on rivalry in the Indian
market. However, except for Amazon, the leading online pureplay competitor, players tend to be large chains with a
great deal to lose, and higher stakes are making for fiercer competition. A major factor here is the ratio of fixed costs to
revenue, which for chains of physical stores is becoming higher relative to online pureplay.
The average product in the consumer electronics category will represent a significant outlay for most consumers, but
the cost of switching products or retailers is low and incentives are high. This is particularly true for this product
category because of the rapid pace of trends in technology, and the tendency for consumers to pass on or resell devices
once they are no longer on-trend.
Since retailers are largely offering undifferentiated products, they aim instead to stock the most desirable products and
target consumers in every price-bracket. Rivalry is therefore focused on pricing, and as online pureplay retailers in
particular drive down the average consumer’s price point, this rivalry is more intense than ever.
In theory, physical stores can compete successfully with online pureplay with their specialist sales assistants. This is
particularly the case with expensive products such as household appliances and computers, where GOME is the leading
high street player. Sales assistants can also help to convert browsing consumers to paying customers, resisting the
trend for those consumers to just view products in the shop before buying them online.
However, ecommerce threatens to make sales assistants as redundant to the consumer as the physical store, with its
prolific online reviewers. Consumers in India can now do more extensive research before buying electronics products,
using reviews from online vendors and other sites, where independent professional reviewing has practically become a
sector in itself.
Rivalry is thus being intensified in electronics retail on all fronts and is assessed as moderate.

Industry Profiles
7. Competitive Landscape
India is home to two long-established heavyweights in consumer electronics retail, but the strong presence of
online pure-play retailers is creating tension between traditional stores and e-commerce. These retailers have
been criticized for their exclusivity deals and price-cutting, and increasingly protectionist attitudes towards
electronics retail in India could impact the market going forward. The market experienced strong growth during
the historic period and witnessed strong growth in 2022. The leading players in the Indian market are Infiniti Retail
and Reliance Digital.
7.1. Who are the leading players?

Infiniti Retail (Croma)
Croma, the electronics arm of the TATA Group subsidiary Infiniti Retail, is a retailer of electronic products
operating under the Croma brand. The company offers consumer durables and electronics products such as
televisions, washing machines and dryers, refrigerators, lighting products, mobile phones, telephones, cooking
appliances, microwaves and ovens, computer software, media players, professional cameras, and personal
grooming products. Infiniti Retail also provides gift cards and e-gift Vouchers. The company offers products online
and offline. Infiniti Retail is based in Mumbai, Maharashtra, India.
Reliance Industries (Reliance Digital)
Reliance Digital is the largest electronics retailer in terms of store coverage, with around 270 outlets. The company
offers over 150 international and national brands and over 4,000 products with the largest display of models. The
retailer has been outperforming its competitors’ sales growth in categories including TVs, mobile phones,
computers, communications equipment, and household appliances. Reliance Industries’ success over the next few
years will be dependent on its considerably wider network of Jio stores, which just sell mobile phones, but through
which it is hoping to sell a broader range of products, significantly increasing its reach. RIL operates 14
manufacturing facilities with 11 in India and three in Malaysia. RIL is based in Mumbai, Maharashtra, India.
7.2. Comparison of the strengths and weaknesses of the leading firms?

The popularity of specialty retail has gained traction in the past decade and ever since many new players have
strived to occupy the market. Croma is one of the first firms to enter the consumer electronics retail market,
primarily started as a consumer durables retailer and further expanded into other electronics categories.
Traditionally, the company established physical stores and further expanded into online retail, Croma Zip, and
Croma Kiosks. It is the country's first electronics omni-channel electronics retailer from the Tata Group. As of 2022,
the company offers 6,000 different products across 8 categories with 150 brick-and-mortar stores across the
country, eight more in the pipeline. The company has an extensive distribution network in more than 40 cities in
India. In 2021, Croma launched a record number of 56 outlets and saw a same-store growth of 33%. Croma’s sales
exceeded $1 billion, while revenue grew by 53% in 2022 from last year. In contrast, the company lacked prompt
action towards customer service and training for in-store personnel. Moreover, the company’s marketing strategy
is not on par with competitors, especially promoting online platforms. Instead, it relies on its parent brand name,
Tata, to draw its consumer base and promotion.
One of the major competitors to Croma is Reliance Digital, which is rapidly gaining market share in India owing to
rapid physical store expansion and robust online channel growth. The company has a network of over 400 stores,
housing over 200 brands and 5000 products. Its product range includes mobile phones, tablets, laptops, TVs,
sound systems, home assistants & home theatres, ACs, refrigerators, washing machines, cooktops, dishwashers,
cameras, and electronic accessories.

Industry Profiles
7.3. What are the most recent developments in the market?

In January 2023, Infiniti Retail, operating the consumer electronics store chain Croma, revealed its ambitious
"rapid expansion" strategy for 2023. The company celebrated the recent inauguration of its 300th store in the city,
marking a significant milestone. Throughout 2022, Croma successfully launched approximately 100 new stores,
setting the stage for an even more extensive expansion plan in 2023. The company's strategic focus includes
extending its presence to Tier II and III towns, a move aimed at reaching a broader demographic of consumers,
according to the company's official statement.
With the recent opening of its 300th store in Chennai, Infiniti Retail has now established a total of 19 stores in the
state of Tamil Nadu. This concerted effort to expand its retail footprint underscores the company's commitment to
providing its products and services to a wider audience.
In September 2023, RIL announced a collaboration with NVIDIA to advance artificial intelligence in India. NVIDIA
would provide Jio with end-to-end AI supercomputer technologies. This collaboration would help the company to
build cloud-based AI compute infrastructure to accelerate AI-driven innovations across healthcare and education,
to enterprise solutions.
In August 2023, RIL entered into an agreement with Brookfield Asset Management to explore the manufacturing
of renewable energy and decarbonization equipment in Australia. The collaboration is in line with the company’s
mission to create a clean energy ecosystem across the world. It helps Australia to enable and produce clean energy
equipment locally, which includes PV modules, long-duration battery storage, and wind energy components.

Industry Profiles
8. Company Profiles
8.1. Infiniti Retail Ltd
8.1.1. Company Overview
Infiniti Retail Ltd (Infiniti Retail) a subsidiary of Tata Sons Private Ltd, is a retailer of electronic products
operating under Croma brand. The company offers consumer durables and electronics products such as
televisions, washing machines and dryers, refrigerators, lighting products, mobile phones, telephones, cooking
appliances, microwaves and ovens, computer software, media players, professional cameras and personal
grooming products. Infiniti Retail also provides gift cards and e-Gift Vouchers. The company offers products
through online and offline. Infiniti Retail is headquartered in Mumbai, Maharashtra, India.
8.1.2. Key Facts
Table 7: Infiniti Retail Ltd: key facts
Head office: 7th Floor Unit No. 701 and 702, Kaledonia, Sahar Road, Andheri East, Mumbai,
Maharashtra, India
Website: www.croma.com
Financial year-end: April
Source: COMPANY WEBSITE MARKETLINE

Industry Profiles
Table 8: Infiniti Retail Ltd: Key Employees
Name Job Title Board

Ajit Krishna Kumar Director Non Executive Board
Avijit Mitra Chief Executive Officer Executive Board
Avijit Mitra Director Executive Board
Harish Bhat Director Non Executive Board
Jacob Kurian Director Non Executive Board
Kummamuri Narasimha Murthy Director Non Executive Board
Lynn Antoinette Desouza Director Non Executive Board
Modan Saha Director Non Executive Board
Prashant Kumar Ghose Director Non Executive Board
Rajendra Ramdas Bhinge Chairman Executive Board
Ritesh Ghoshal Chief Marketing and Insights Senior Management
Sankaranarayanan
Director Non Executive Board
Padmanabhan
Source: COMPANY FILINGS MARKETLINE

Industry Profiles
8.2. Reliance Industries Limited
8.2.1. Company Overview
Reliance Industries Limited (RIL or 'the company') operates businesses in the energy and materials value chain.
The company is engaged in hydrocarbon exploration and production, petroleum refining and marketing, and
petrochemicals, retail and telecommunications businesses. The company also offers a wide range of products
including oil, gas, petroleum products, polyester products, polyester intermediates, plastics, polymer
intermediates, chemicals, synthetic textiles and fabrics. RIL also provides retail services through its retail stores,
supermarkets, wholesale cash & carry stores, electronics specialty stores, apparel specialty stores and online
fashion stores. It operates in Asia, Europe, the Middle East and Africa and North America. The company is
headquartered in Mumbai, Maharashtra, India.
The company reported revenues of (Rupee) INR8,913,110 million for the fiscal year ended March 2023
(FY2023), an increase of 24.2% over FY2022. In FY2023, the company’s operating margin was 11.5%, compared
to an operating margin of 11.4% in FY2022. In FY2023, the company recorded a net margin of 7.5%, compared
to a net margin of 8.5% in FY2022. The company reported revenues of INR2,349,560 million for the second
quarter ended September 2023, an increase of 11.4% over the previous quarter.
8.2.2. Key Facts
Table 9: Reliance Industries Limited: key facts
Head office: Maker Chambers Iv Nariman Point, , Mumbai, India

Telephone: 912235555000
Fax: 912222785110
Number of Employees: 389414
Website: www.ril.com
Financial year-end: March
Ticker: RELIANCE
Stock exchange: National Stock Exchange of India
Source: COMPANY WEBSITE MARKETLINE
8.2.3. Business Description
Reliance Industries Limited (RIL or 'the company') is a global player in the integrated energy value chain and has a
growing presence in retail and digital services in India. The company exports its services and products across 109
countries. The company operates through five operating segments: Oil to Chemicals, Oil and Gas, Retail, Digital
Services, Financial Services.
Under Oil to Chemicals segment, RIL involved in refining, petrochemicals and fuel retailing services. It also offers
transportation fuels, polyesters, polymers and elastomers. In FY2022, the Oil to Chemicals segment reported
revenue of INR4,996,630 million, which accounted for 69.2% of the company’s revenue.
Under the Retail segment, the company operates value formats that include neighborhood stores, supermarkets,
hypermarkets, wholesale cash and carry, and online stores. It also operates specialty formats offering apparel,
fashion and lifestyle, grocery, consumer electronics, footwear, books, and pharmacy, home décor, furniture, and
furnishings. The company offers LPG, diesel and petrol. Reliance Retail operates over 15,196 retail stores in over
7,000 cities covering an area of 41.6 million sq ft. In FY2022, the Retail segment reported revenue of INR1,956,760
million, which accounted for 27.1% of the company’s revenue.
Under the Digital Services segment, RIL offers digitized communications services through its brand Jio. It includes
digital entrepreneurship, social connectivity, digital entertainment, digital currency and healthcare, digital
communication and education and other devices. In FY2022, it had over 410.2 million subscribers. In FY2022, the

Industry Profiles
Digital Services segment reported revenue of INR270,850 million, which accounted for 3.8% of the company’s total
revenue.
Under the Oil and Gas segment, the company involved in exploration, development and production of crude oil
and natural gas. During FY2022, the company’s 1P reserves were 3.31 MMT of oil and 53,211 Mcm of gas. In
FY2022, the Oil and Gas segment reported revenue of INR49,620 million, which accounted for 0.7% of the
company’s total revenue.
Under the Financial Services, RIL provides management and deployment non-banking financial services and
insurance broking. In FY2022, Financial Services segment reported revenue of INR7,610 million, which accounted
for 0.1% of the company’s revenue.
The company also generates its revenue through Others segment. It mainly involved in the media, SEZ
development and textiles businesses. In FY2022, Others segment reported revenue of INR646,090 million, which
accounted for 9% of the company’s revenue.
Geographically, the company classifies its business into two segments: India and Outside India. In FY2022, India
accounted for 63.7% of the company’s revenue and Outside India accounted for 36.3%.

Industry Profiles
Table 10: Reliance Industries Limited: Annual Financial Ratios

Key Ratios 2018 2019 2020 2021 2022
Growth Ratios
Sales Growth % 42.82 4.90 -20.49 47.56
Operating Income Growth % 32.38 -3.88 -12.71 51.48
EBITDA Growth % 30.57 -1.45 -4.18 38.54
Net Income Growth % 9.74 -0.59 24.84 23.56
EPS Growth % 17.15 4.36 12.51 14.57
Working Capital Growth % -34.44 81.37 -161.71 -59.81
Equity Ratios
EPS (Earnings per Share) INR 54.01 63.27 66.03 74.29 85.11
Dividend per Share INR 5.94 6.44 6.50 7.00 8.00
Dividend Cover Absolute 9.09 9.83 10.16 10.61 10.64
Book Value per Share INR 490.98 647.12 708.40 1104.47 1152.06
Profitability Ratios
Gross Margin % 25.05 25.65 27.74 31.81 27.33
Operating Margin % 11.95 11.07 10.15 11.14 11.44
Net Profit Margin % 8.84 6.79 6.43 10.10 8.46
Profit Markup % 33.42 34.50 38.39 46.66 37.60
PBT Margin (Profit Before Tax) % 12.11 9.47 8.76 11.40 11.45
Return on Equity % 12.29 10.23 8.68 7.02 7.79
Return on Capital Employed % 9.71 9.43 8.24 5.19 6.89
Return on Assets % 8.84 4.35 3.63 3.95 4.30
Return on Working Capital % -37.51 -75.73 -40.13 56.77 213.98
Operating Costs (% of Sales) % 88.05 88.93 89.85 88.86 88.56
Administration Costs (% of Sales) % 10.22 10.57 12.84 15.14 12.03
Liquidity Ratios
Current Ratio Absolute 0.59 0.73 0.63 1.34 1.12
Quick Ratio Absolute 0.39 0.52 0.45 1.05 0.78
Cash Ratio Absolute 0.01 0.02 0.05 0.03 0.03
Leverage Ratios
Debt to Equity Ratio Absolute 0.75 0.74 0.76 0.37 0.36
Net Debt to Equity Absolute 0.51 0.52 0.49 0.12 0.17
Debt to Capital Ratio Absolute 0.43 0.43 0.43 0.27 0.27
Efficiency Ratios
Asset Turnover Absolute 1.00 0.64 0.56 0.39 0.51
Fixed Asset Turnover Absolute 1.69 1.25 1.29 0.96 1.32
Inventory Turnover Absolute 10.06 6.75 6.25 4.26 5.51
Current Asset Turnover Absolute 4.44 2.80 2.49 1.54 1.99
Capital Employed Turnover Absolute 0.81 0.85 0.81 0.47 0.60
Working Capital Turnover Absolute -3.14 -6.84 -3.95 5.10 18.71

Industry Profiles
Table 11: Reliance Industries Limited: Key Employees
Name Job Title Board

Adil Zainulbhai Director Non Executive Board
Arundhati Bhattacharya Director Non Executive Board
Charanjit Attra Chief Operating Officer Jio Financial Services Senior Management
Dipak C. Jain Director Non Executive Board
Hemen Modi Chief Investor Relations Officer Senior Management
Hital R. Meswani Director Non Executive Board
Chief Executive Officer Reliance Strategic
Hitesh Kumar Sethia Senior Management
Investments Limited
Managing Director Reliance Strategic
Hitesh Kumar Sethia Senior Management
Investments Limited
Isha Ambani Head Reliance Retail Senior Management
K Sethuraman Chief Compliance Officer Senior Management
K Sethuraman Secretary Senior Management
K. V. Chowdary Director Non Executive Board
Kiran Mani Chief Executive Officer JioCinema Senior Management
KV Kamath Director Non Executive Board
Mukesh D. Ambani Chairman Executive Board
Mukesh D. Ambani Managing Director Executive Board
Nikhil R. Meswani Director Executive Board
Nita M. Ambani Director Non Executive Board
P.M.S. Prasad Director Executive Board
Pawan Kumar Kapil Director Executive Board
Raghunath A. Mashelkar Director Non Executive Board
Raminder Singh Gujral Director Non Executive Board
Savithri Parekh Compliance Officer Senior Management
Savithri Parekh Secretary Senior Management
Shumeet Banerji Director Non Executive Board
Srikanth Venkatachari Chief Financial Officer Senior Management
Yasir O. Al-Rumayyan Director Non Executive Board

Industry Profiles
9. Macroeconomic Indicators
9.1. Country data
Table 12: India size of population (million), 2018–22
Year Population (million) % Growth

2018 1,298.0 1.1%
2019 1,312.2 1.1%
2020 1,326.2 1.1%
Table 13: India gdp (constant 2005 prices, $ billion), 2018–22
Year Constant 2005 Prices, $ billion % Growth

2018 2,146.3 7.8%
2019 2,315.9 7.9%
2020 2,500.7 8.0%
Table 14: India gdp (current prices, $ billion), 2018–22
Year Current Prices, $ billion % Growth

2018 3,453.7 13.8%
2019 3,932.6 13.9%
2020 4,509.7 14.7%
Table 15: India inflation, 2018–22
Year Inflation Rate (%)

2018 6.3%
2019 6.3%
2020 6.2%
Table 16: India consumer price index (absolute), 2018–22

Industry Profiles
Year Consumer Price Index (2005 = 100)

2018 278.7
2019 296.3
2020 314.6
Table 17: India exchange rate, 2018–22
Year Exchange rate ($/Rs.) Exchange rate (€/Rs.)

2018 68.4090 80.6918
2019 70.3943 78.8440
2020 74.1023 84.5848
2021 73.9362 87.4531
2022 78.5979 82.6849

Industry Profiles
Appendix
Methodology
MarketLine Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, cross-
checked and presented in a consistent and accessible style.
Review of in-house databases – Created using 250,000+ industry interviews and consumer surveys and supported by
analysis from industry experts using highly complex modeling & forecasting tools, MarketLine’s in-house databases
provide the foundation for all related industry profiles
Preparatory research – We also maintain extensive in-house databases of news, analyst commentary, company profiles
and macroeconomic & demographic information, which enable our researchers to build an accurate market overview
Definitions – Market definitions are standardized to allow comparison from country to country. The parameters of each
definition are carefully reviewed at the start of the research process to ensure they match the requirements of both the
market and our clients
Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and trends
MarketLine aggregates and analyzes a number of secondary information sources, including:
- National/Governmental statistics
- International data (official international sources)
- National and International trade associations
- Broker and analyst reports
- Company Annual Reports
- Business information libraries and databases
Modeling & forecasting tools – MarketLine has developed powerful tools that allow quantitative and qualitative data to
be combined with related macroeconomic and demographic drivers to create market models and forecasts, which can
then be refined according to specific competitive, regulatory and demand-related factors
Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date

Industry Profiles
9.2. Industry associations
9.2.1. International Electrotechnical Commission
3 rue de Varembé, PO Box 131, CH-1211 Geneva 20, Switzerland

Tel.: 41 22 919 0211
Fax: -
https://iec.ch/homepage
9.2.2. Consumer Electronics and Appliances Manufacturers Association (CEAMA)
F-4 / 23, 4th Floor, Wave 1st Silver Tower Sector - 18 Noida - 201 301 (UP)
Tel.: 91 120 4265697
Fax: -
https://ceama.in/
9.3. Related MarketLine research
9.3.1. Industry Profile
Electrical & Electronics Retail in China

Electrical & Electronics Retail in Japan
Electrical & Electronics Retail in Asia-Pacific
Electrical & Electronics Retail in Australia
Electrical & Electronics Retail in South Korea

Industry Profiles
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MarketLine Industry Profile

Consumer Electronics Retail in India

Reference Code: 0102-2033

Publication Date: October 2023

Primary NAICS: 4431

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1.1. Market value

1.2. Market value forecast

1.3. Category segmentation

1.4. Geography segmentation

1.5. Market rivalry

1.6. Competitive landscape

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1.1. Market value ................................................................................................................................................2

1.2. Market value forecast ..................................................................................................................................2

1.3. Category segmentation................................................................................................................................2

1.4. Geography segmentation.............................................................................................................................2

1.5. Market rivalry...............................................................................................................................................2

1.6. Competitive landscape.................................................................................................................................2

2.1. Market definition .........................................................................................................................................7

2.2. Market analysis ............................................................................................................................................7

3.1. Market value ................................................................................................................................................9

4.1. Category segmentation..............................................................................................................................10

4.2. Geography segmentation...........................................................................................................................12

4.3. Market distribution ....................................................................................................................................13

5.1. Market value forecast ................................................................................................................................14

6. Five Forces Analysis 15

6.1. Summary ....................................................................................................................................................15

6.2. Buyer power...............................................................................................................................................17

6.3. Supplier power ...........................................................................................................................................19

6.4. New entrants .............................................................................................................................................21

6.5. Threat of substitutes ..................................................................................................................................23

6.6. Degree of rivalry.........................................................................................................................................24

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7.1. Who are the leading players? ....................................................................................................................25

8.1. Infiniti Retail Ltd .........................................................................................................................................27

8.2. Reliance Industries Limited ........................................................................................................................29

9.1. Country data ..............................................................................................................................................33

9.2. Industry associations..................................................................................................................................36

9.3. Related MarketLine research .....................................................................................................................36

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Table 7: Infiniti Retail Ltd: key facts 27

Table 8: Infiniti Retail Ltd: Key Employees 28

Table 9: Reliance Industries Limited: key facts 29

Table 10: Reliance Industries Limited: Annual Financial Ratios 31

Table 11: Reliance Industries Limited: Key Employees 32

Table 12: India size of population (million), 2018–22 33

Table 13: India gdp (constant 2005 prices, $ billion), 2018–22 33

Table 14: India gdp (current prices, $ billion), 2018–22 33

Table 15: India inflation, 2018–22 33

Table 16: India consumer price index (absolute), 2018–22 33

Table 17: India exchange rate, 2018–22 34

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2.1. Market definition

2.2. Market analysis

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