India is the most sought-after market by retailers with 40 per cent of them expecting emerging markets to be their source of growth in the next five years, a recent study by CB Richard Ellis says.

As per the Global Emerging Markets Survey (GEMS) 27 per cent of international retailers surveyed have opened their first store in India in the last year or are planning to do so soon.

The country is considered particularly attractive because of the size of its market compared to its low presence of international retailers, the report added.

Of the total number of people surveyed only 25 per cent expect to see growth concentrated in their home market.

With foreign ownership rules being gradually relaxed, foreign investment are also now possible, allowing single-brand retailers to own up to 49 per cent of their India operations, the report said.

"India is the preferred destination when it comes to retail today among the emerging markets. With a booming economy and increase in spending capacity, more and more Indians are now looking for wider options in retail.

"In the event that the government opens up Foreign Direct Investment in retail, number of international retailers will immediately start trickling in. This will lead to preference converting into retailers making investments in India," CBRE South Asia Chairman and Managing Director Anshuman Magazine said in a statement.

India was followed by Ukraine and Russia in the survey at second and third positions.

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