Piyush Goyal, Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Govt of India today asserted that we need to recognize the importance of quality. “The government is working to introduce quality standards in a much bigger way to help Indian manufacturing sector. In the next 2-3 years, we hope to significantly ramp up the products which will have reasonably strict, but practical quality standards which will be made compulsory. This will help the manufacturing sector stand against irrational competition, increase the scale of production and become more competitive,” he added.
Addressing the 12th edition of ‘MASSMERIZE 2023’, organized by FICCI, Goyal said that India will be an important consumer market and we are going to see more and more sustainability driving consumer demands. “It will be a virtuous cycle that we will have to create. There has to be a massive investment to create the necessary infrastructure for the economy to rest,” he stated.
The Minister stated that ONDC (Open Network for Digital Commerce) will help small retailers survive the onslaught of large tech-based e-commerce companies. “Our effort is to encourage small companies, and startups to integrate into the e-commerce ecosystem. Like UPI democratized payment systems, ONDC will democratize benefits of e-commerce,” he added.
Goyal further stated that while doing our FTA negotiations, the focus is on opportunities that India offers. “Going forward, consumption will increase, with demand for good quality, sustainable products delivered smartly, that meet international standards at competitive prices. “Developed economies could not have become what they are today if they had not internationalized their economy. We need to engage with the world in a bigger way, focusing on scale, improving domestic logistics ecosystem, focus on quality sustainable goods,” he added.
Mohcine Jazouli, Minister Delegate to the Head of Govt, in-charge of Investment, Convergence, and Evaluation of Public Policies, Kingdom of Morocco said, “Our two countries share a lot of values and similarities, and our goal is to transform Morocco as the leading player in the area of renewable energy with special focus on green energy.”
Subhrakant Panda, President, FICCI and MD, IMFA Group said, “The Retail and FMCG industry holds the potential to be a significant contributor to the economy besides also creating entrepreneurs as well as generating employment. E-commerce has expanded the reach of industry and ONDC will democratize access,” he added.
Panda stated that given the rapid change in technology, the retail industry must continue to adapt as well as invest in digital transformation. FICCI is committed to fostering a collaborative ecosystem and facilitating cross-industry partnerships which will drive innovation and growth, he noted.
Harsha V Agarwal, VP, FICCI and Chair FICCI FMCG Committee and Vice Chairman and MD, Emami Ltd said, “There is a tremendous headroom for growth for the FMCG industry in India. FMCG will continue to evolve and thrive, driven by innovation, technology, and a deep commitment to sustainability and social responsibility.”
Subramaniam V, Chair, FICCI Retail and Internal Trade Committee and Director, Reliance Retail Ltd said, “Rising income levels for households are transforming India. The future of consumption in India will be led by the growth of the middle-income and high-income segments, which grow, to one in two households by 2030, from one in four households today. While metros and emerging towns continue to drive economic growth, the rural per capita consumption is expected to grow faster than in urban areas showing the same consumption patterns as urban counterparts,” he added.
LV Vaidyanathan, CEO, and MD, P&G India and Convenor, FICCI MASSMERIZE, said, “India is on the cusp of exponential growth. We have come out stronger post the pandemic and are now building on the momentum of the last few years. By keeping our focus on delighting the consumers, boosting innovation, accelerating infrastructure growth, and curating meaningful partnerships, we can propel our growth as an economy and an industry - economically as well as socially.”
Herjit S Bhalla, Co-Chair, FICCI FMCG Committee and VP Canada and AMEA, Asia-Pacific, Middle East, Africa, The Hershey Company said, “It is truly the time to propel the growth of this country into the future. FMCG sector is truly poised for a new era of growth and innovation.”
During the event, the FICCI-Deloitte report ‘PROPEL Retail and FMCG Sectors’, and FICCI-PLR Chambers ‘FMCG and Retail Law Booklet’ were also released.