India, which boasts of a growing retail market, ranks 44th in the list of most preferred retail destination in the world due to factors like FDI restrictions and lower average per-capita income, a report has said.
According to the report 'How Global is the Business of Retail', which maps the global footprint of 250 of the world's top retailers, India is at number 44 in the list of preferred destinations in relation to market, regional trends and other influences.
"Even though the Indian economy is growing at a rapid pace with consumers having more buying power, we are still only at the 44th position on this list. This is primarily due to FDI restrictions in retail and also relatively lower average per-capita income in the country," CB Richard Ellis South Asia Chairman & MD Anshuman Magazine said in a statement.
He hoped that India would move up in the rankings if FDI norms are relaxed and economic growth continues.
Out of the BRIC (Brazil, Russia, India and China) countries, China and Russia are in the top 10 of the rankings. Brazil is also lower in the order.
The report ranks the UK as the current global leader in relation to the presence of international retailers. The UK hosts 55 retailers that were surveyed.
Spain's position as the second-ranked market, closely trailing the UK, gives perspective to the market's new global significance. It houses 51 per cent of retailers surveyed.
Spain's growing ability to attract global retailers to its shores is fuelling its rise as a global retail destination and threatening the UK's title as the 'most international retail market' in the world, according to the report.