NEW DELHI: India’s direct promoting sector has registered a development of 5.4% over 2021 retail gross sales, even because the business shrunk globally by 1.5% in 2022 to $172.89 billion.
According to a report by the World Federation of Direct Selling Association (WFDSA), India has moved as much as eleventh place within the rating of high markets of direct sellers, with retail gross sales of $3.23 billion (round Rs 26,852 crore) in 2022.
On a relentless greenback foundation, the Indian market attained the best Compounded Annual Growth Rate of over 13.3% over the last three years, it added.
The high market within the checklist was the US with $40.52 billion — a decline of 5% over 2021. It was adopted by Korea, Germany, China, Japan and Malaysia.
Indian Direct Selling Association (IDSA) chairman Rajat Banerji mentioned: “India’s direct selling market is growing steadily and has the potential to place itself in the top five global markets over the next decade.”
With the notification of Consumer Protection (Direct Selling) Rules 2021 and its subsequent modification, the direct promoting business in India ought to see stability that would encourage investor confidence in addition to curiosity from the big world direct promoting corporations, he added.
“Only three among the top ten (sellers) are in India today and we would like to see all of them start their business in India,” Rajat added.
(With inputs from businesses)