The Indian retail industry is growing rapidly and accounts for over 10% of the country's GDP and 8% of employment. India is the world's fifth-largest global destination in the retail space and ranked 63 in World Bank's Doing Business 2020. The middle class and unexplored retail market are enticing factors for international retail companies. The sector is expected to reach a value of US$2 trillion by 2032, and India ranked 16th in the FDI Confidence Index. Urban Indian consumers have increasing purchasing power, and branded goods in categories such as apparel, cosmetics, footwear, watches, beverages, food, and jewelry are becoming more popular.