India's rural market potential
Rural India will be a market worth USD500-600 billion by 2020, according to McKinsey.
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April 25, 2006
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India has a lot of potential. But this can be unleashed, only if red-taped bureaucracy and inept politicians allow india to progress.
Read on:
http://apunkadesh.blogspot.com/
Posted by: Apun Ka Desh | Sep 6, 2006 10:04:42 AM
Having visited this blog for the first time, I would like to reopen this discussion.
1. Rural Market is very wide term. It should include the demand side for farm machinery and inputs on the one hand and consumer goods and durables on the other. On the supply side we have farm produce, handicrafts and other products produced in the rural sector. If you combine these two sides, the rural market should be
much bigger than what McKinsey estimated.
2. It should also include the market for services as well. That makes it still bigger with healthcare, financial services, educational services, transport, post and telecom, professional services and consultancies including extension services etc. included.
3. With urbanization picking up, this market must over the long time period, decline. Here I am taking India as an example.
4. In the short run of course, its growth depends on the rise in rural incomes.
5. Since farm incomes are seasonal and heavily dependent upon nature, rural market must also reflect those characterstics.
6. It appears to be prudent to club the rural and semiurban markets together rather than clubbing the latter with the urban (and metro) market.
7. Not all villages are alike in number of households and incomes. There are wide regional variations. A very large proportion of villages are too small and with too small incomes for a serious marketer to approach. Some grouping is required. It is only the large villages and semi urban centres which have more than a few shops.
Of course it is a huge market particularly for the consumer goods, durables and farm inputs, and services. Rural incomes are rising and with television, internet and mobiles it is opening up quite speedily. But we require a more comprehensive and inclusive report on this phenomenon.
Posted by: JP Dubey | Sep 18, 2008 9:32:28 AM
There is a lot about the rural market of India which is to be discovered.
We can create a market for many products in rural area instead of creating market in highly competitive market of urban areas.
Posted by: Tushar Pawar | Sep 12, 2009 10:32:28 AM