India Market Monitor Q1 2024 – Retail

India's economy continues to grow at the fastest pace among all major economies. Inflation has come down for almost all major goods and services except for food items. Private consumption is expected to pick up as inflation eases in the coming months. Further decline in the Consumer Price Index (CPI) would strengthen the Reserve Bank of India’s (RBI) confidence to initiate a measured easing of key policy rates and reserve ratios. The government's fiscal consolidation roadmap, coupled with the central bank's cautious monetary policy, has established a strong footing for continued economic expansion.

With this backdrop, here is a review of the key trends witnessed in the retail sector in Q1 2024:

-        Retail: Leasing activity witnessed a slowdown due to supply constraints during Q1 2024. However, space take-up is expected to strengthen in the coming quarters on the back of new quality supply addition and a healthy mix of primary and secondary leasing.

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