New Delhi: The e-commerce sector in India is poised to surpass $325 billion by the year 2030, exhibiting a robust compound annual growth rate (CAGR) of 21%, as projected by a report from FICCI in collaboration with Deloitte.
During the 13th edition of 'FICCI MASSMERIZE 2024', Chirag Paswan, the Minister of Food Processing Industries, underscored the criticality of maintaining uncompromising standards of product quality across all sectors. He emphasized that such standards are not only vital for preserving a company's reputation but also for bolstering India's position on the global stage.
Paswan further highlighted the government's efforts to establish Indian standards that are recognized internationally. He pointed out that the retail, FMCG, and e-commerce sectors are fundamental to India's expanding economy.
"In our pursuit of a Viksit Bharat, the adaptability and resilience of the FMCG sector will be pivotal in forging a robust and sustainable economy. These sectors are instrumental in realizing the vision of the Honorable Prime Minister for an Atmanirbhar Bharat," he stated.
The Minister also stressed the importance of leveraging the country's abundant resources. He noted that the government is dedicated to transforming India's population into a valuable asset, thereby creating significant opportunities.
"India presents vast opportunities not only domestically but also on the global stage. Our diverse population contributes to innovation and technological advancements across sectors," he said.
Reiterating the Prime Minister's vision, Paswan emphasized the need for reform and transformation. He acknowledged India's transformative reforms over the past decade, which have garnered international recognition. He highlighted the pivotal role of the industry in this journey, with each stakeholder playing a part in the ambition to make India a developed nation by 2047 during the Amrit Kaal.
Regarding developments in the food processing sector, Paswan mentioned the government's primary aim to reduce food wastage through value addition. He announced the plans to establish 50 multi-purpose food irradiation units and 100 food testing laboratories in the forthcoming period.
In the panel discussion on 'Navigating Consumer Behavior Shifts and Strategies for Success', Nidhi Khare, the Secretary of the Department of Consumer Affairs, underscored the commitment to enhancing the consumer experience through an efficient grievance redressal system. She highlighted the national consumer helpline's dedication to resolving a significant number of complaints, indicating an increase in consumer confidence in the national grievance redressal mechanism.
