India’s economy enters A-rated club after 35 years

French hypermarket giant Carrefour has partnered with Dubai-based lifestyle company Apparel Group to open a 50,000-square-foot flagship store in H&S Mall, Greater Noida, India. This marks the beginning of a nationwide expansion in India's retail market, which is projected to reach $2.36 trillion by 2030. Nilesh Ved, Chairman of APPCORP Holding and Owner and Chairman of Apparel Group, shared that they studied Dubai's Majid Al Futtaim model for inspiration, noting that Carrefour's success in the UAE was a key factor.

Ved emphasized the need to adapt the Middle Eastern blueprint to India's diverse economy, with 1.4 billion consumers and multiple languages and states. Carrefour's Executive Director of International Partnerships, Patrick Lasfargues, described the launch as a significant milestone, highlighting the strong potential in India's growing consumer market.

Despite the rise of quick-commerce apps, Ved remains confident in the future of physical retail, citing examples like Walmart and Aldi as proof of its long-term viability. Ved's approach to profitability involves speed, financial discipline, and a focus on bottom-line growth.