The Indian e-commerce market is on track to reach $325 billion by 2030, with a projected compound annual growth rate (CAGR) of 21%, as per a report by FICCI-Deloitte. Chirag Paswan, Minister of Food Processing Industries, stressed the importance of maintaining high product quality standards across all sectors to uphold India’s global reputation. He emphasized the significance of the Indian retail, FMCG, and e-commerce sectors in driving the country’s economic growth.
Paswan highlighted the role of these sectors in achieving Prime Minister Modi’s vision of an Atmanirbhar Bharat, or self-reliant India, by leveraging the adaptability and resilience of the FMCG industry. He also discussed the need to tap into India’s abundant resources and diverse population to drive innovation and technological advancements. The Minister underscored the importance of reform and transformation in propelling India towards becoming a developed nation by 2047.
In efforts to minimize food wastage through value addition, the government plans to establish 50 multi-purpose food irradiation units and 100 food testing labs. In a session on consumer behavior shifts and strategies for success, Nidhi Khare, Secretary of the Department of Consumer Affairs, highlighted the commitment to enhancing consumer experience through an efficient grievance redressal system. The national consumer helpline has seen a significant increase in registered complaints, indicating growing consumer confidence in the grievance redressal mechanism.
The Indian government aims to establish Indian standards that will be recognized internationally to further strengthen the country’s global standing. The focus on harnessing India’s population as a valuable asset and creating immense opportunities aligns with the vision of a developed and self-reliant nation. With transformational reforms and advancements, India is poised to make significant progress towards achieving its goals by 2047.
The Indian e-commerce market shows promising growth potential, with projections indicating significant expansion in the coming years. The focus on high product quality standards and leveraging the adaptability of key sectors like retail, FMCG, and e-commerce is essential in shaping a sustainable and strong economy. By harnessing India’s resources and diverse population, the country is well-positioned to drive innovation and technological advancements in line with Prime Minister Modi’s vision for an Atmanirbhar Bharat.
The initiatives to minimize food wastage through value addition and establish multi-purpose food irradiation units and food testing labs demonstrate the government’s commitment to enhancing food processing capabilities. The emphasis on consumer experience and an efficient grievance redressal system reflects a proactive approach towards addressing consumer concerns and building trust.India’s progress towards becoming a developed nation and the recognition of transformational reforms on the global stage highlight the role of industry stakeholders in contributing to the country’s growth journey.
