Ikea, the world's largest furniture retailer, has expressed high hopes for India as it faces a global slowdown amid sluggish sales and store closures in China. Despite closing several large stores in China, the Swedish company is focusing on India as a potential major retail market and a potential export hub. The company plans to launch around 30 stores within five years, with 30% of its India sales currently from locally sourced raw materials, aiming to increase this to 50% by 2030. Despite a two-year decline in global retail sales, Ikea expects retail operations in India to turn profitable by the financial year ending Aug. 2028. The firm also plans to expand further into India's market, with the market expected to reach $48 billion by 2030, according to CEO Patrik Antoni.