The retail industry, at least in India, appears to be a good alternative to drive the economic growth, at a time when most other industries have shown sizable decline during the global economic meltdown. Exploiting the huge untapped domestic rural consumer market is suggested to drive the economy in these difficult times. `Integrate rural India with the Globe' and `Think big and think small at the same time' could be the new mantras. This article discusses how Indian CEOs can pursue India-specific strategies to drive the Indian economic growth in the current scenario.

In recent times, India is consid ered to be one of the fastest grow ing economies in the world. The surging economic growth has brought increased momentum and great buoyancy instilling into the economy a desire to be a dominant player on the global stage. Though agriculture, automotive, pharmaceuticals, manufacturing, information technology and service-based industry, as well as the export industry are considered to be the major sectors, the Indian retail sector forms a significant 13% of GDP. (Retail & Consumer Industry by PricewaterhouseCoopers, 2008)

India's sunrise retail sector is witnessing a major transformation as traditional markets make way for modern and indigenously developed retail formats. According to the Indian Retail Report findings, the organized retail sector, which was a miniscule 3% of the overall domestic retail market in 2004, has been growing at over 36% per annum during the last couple of years and is now valued at Rs. 48,500 cr, that is 4.7% of the estimated $230 bn Indian retail market in 2006. There is, thus, a vast market yet to be tapped.

Global CEO Magazine, Global Meltdown, Indian Retail Sectors, Information Technology, Consumer Industries, PricewaterhouseCoopers, Traditional Markets, Manufacturing Industries, Agricultural Industries, Globalization, Organized Retail Marketing, Gross Domestic Product, GDP.