Franchise industry in India likely to grow to $140-150 billion in five years: Franchise India
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According to the report ‘Frankest Whitepaper on Franchise Forecast 2023-24’, India’s franchise industry is estimated to be worth around Rs 800 billion and is expected to grow at a rate of 30-35 per cent on an annual basis in the coming years.
New Delhi. The franchise business in India is expected to be worth $140-150 billion in the next five years. Franchise India has estimated this in a report released on Saturday. According to the report ‘Frankest Whitepaper on Franchise Forecast 2023-24’, India’s franchise industry is estimated to be worth around Rs 800 billion and is expected to grow at a rate of 30-35 per cent on an annual basis in the coming years. As per the report, India is currently the second largest franchise market in the world.
After five years, the franchise industry is expected to be worth $140-150 billion. There are currently around 4,600 active franchisors across all regions in India, operating around two lakh outlets. The report said that more than 300 companies are starting franchising every year and 53 percent of the total franchisees are multi-unit franchisees. Although the Indian franchise market is still in its nascent stage, the industry contributes about two per cent to the national gross domestic product (GDP) and has created 1 million jobs.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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