The Retailers Association of India (RAI) was first formed seven years ago by key merchants in the region. The group recently crossed the 750 member mark in 2011, which highlights the growing prominence of the retail sector in India.

The organization serves as a way to help merchants in the emerging market develop effective best practices and create an organized and prosperous retail sector in India. While retail is still not an accorded industry in the country, RAI is still trying to stress the importance of the growing sector to the local government.

"As consumerism in India was growing, [so was] retail … witnessing an altogether new phase with new players coming in picture, modernization becoming need of the hour, etc.," explained Kumar Rajagopalan, chief executive officer at RAI. "There was no single body to represent the interest of retailers, forget a ministry. That is what led to some of the retailers coming together and laying the foundation of RAI."

The retail sector in developing markets – such as India – has largely been credited with helping local economies grow, despite the economic recession.