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The boom in e-commerce has led the Centre to consider amending the Consumer Protection Act, 1986, according to the Survey.
Pointing out that India’s e-commerce market is expected to grow by more than 50 per cent in the next five years, the Survey said the Centre proposes to include sufficient provisions for consumer safeguards in the ongoing amendments.
The Survey also said that migration from traditional stores to modern retail is continuing in the country but still modern retail accounts for only 8 per cent of the total market.
“The retail sector was affected in 2013 by high consumer price inflation, currency fluctuations, and strict foreign direct investment policies.
“However, India remains an attractive long-term retail destination for several reasons, including its large population, 58.3 per cent of which is below 30 years and 31.1 per cent of which lives in urban areas with rising disposable incomes,” the Survey added.
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