New Delhi, July 1 (IANS): India's consumption story has been attracting investors. In the first half of 2024, retail startups in the country raised 32 per cent more funds as compared to the same period last year.

Data intelligence firm Tracxn report said that funding for the retail sector has increased by 32 per cent to $1.63 billion in the first half of 2024, which was $1.23 billion in the first half of 2023.

The report further states that right of the total funding rounds in the first half of 2024 have raised more than $100 million.

Flipkart has raised $350 million, Apollo 24/7 has raised $297 million and Meeso has raised $275 million, which shows investors are very optimistic about the retail sector growth.

India is the fastest-growing major economy in the world.

In FY 2023-24 GDP growth rate was 8.2 per cent which is estimated to be 7.2 per cent in the current financial year.

Due to the economic growth, consumption in India is also increasing rapidly.

According to a UBS report, consumption in India has almost doubled in the last decade. Last year it was at $2.1 trillion.

India plans to become the world's third-largest economy by 2026.

Last year, consumption in India grew faster than other major economies of the world such as China, US, and Germany.

According to the Household Consumption Expenditure Survey, since 2011-12, spending in rural areas has increased by 164 per cent and in urban areas by 146 per cent.

The survey said that in monthly per capita consumption expenditure (MPCE) 2022-23, compared to 2011-12, the expenditure in rural areas has increased by 164 per cent to Rs 3,773 and the expenditure in urban areas has increased by 146 per cent to Rs 6,459.