Grocery stores have become a major source of income for small businesses in India.
According to a new study, the top-selling grocery store is a supermarket in Bangalore, with an average price tag of Rs. 2,400 ($45).
While other retailers have more expensive prices, they’re all located in the south-eastern city of Bangalore.
A study by food research firm Gartner found that supermarkets are the most important source of revenue for small and medium-sized businesses in the country.
Gartner also found that around 50 per cent of the businesses surveyed were unable to make their financial returns in their previous financial year due to the financial uncertainty caused by demonetisation.
The report, which was conducted in April 2017, also found the grocery stores are a popular source of tax deductions for small entrepreneurs, as they are often the only places in the market where you can deduct expenses like fuel, electricity and groceries.
The study also found more than 70 per cent small businesses are still reliant on banks for loan repayments.
India’s food sector has been hit hard by demonitisation, with many of the country’s largest grocery chains shutting their doors.
The Indian government is reportedly planning to reduce the countrys total food debt to $3 trillion.