Executive summary India has become a retail powerhouse over the last decade, ascending to the third largest retail market globally in 2024. The Indian e-retail market has surged to approximately $60 billion in gross merchandise value (GMV), boasting the world’s second-largest online shopper base. India’s consumption and discretionary spending have faced headwinds in recent years, with private consumption growth slowing from 11% pre-Covid (2017–19) to ~8% post-Covid (2022–24). This decline is dri...