New Delhi: Retail opportunity in Indian villages and hamlets is set to reach $58 billion by 2015, said a CII-Yes Bank study.

The study, entitled "The Next Phase in Retailing", was jointly undertaken by the Confederation of Indian Industry (CII) and Yes Bank.

"India's rural markets are growing at double the rate of urban markets. The total number of rural households is expected to rise from 135 million in 2001-02 to 153 million in 2009-10, giving a tremendous push to rural retail opportunity," said Somak Ghosh, president, corporate finance and development banking, Yes Bank, here Thursday.

Rural areas in India are increasingly becoming reflective of a growing purchasing parity, changing consumption patterns, increased access to information and communication technology, improving infrastructure and increased government initiatives to boost the rural economy, said Ghosh.

According to Salil Singhal, deputy chairman, CII (northern region): "There is a need to put in place clear growth engines for the rural sector that will lead to employment and income generation."

"Adequate levels of technology use, credit and marketing interventions can be brought about only if value-adding agri-businesses come forward to invest in the farm sector, impact the value chain in their entity and link them to the markets," he added.