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Press Release

As we work towards a Viksit Bharat, FMCG sector’s adaptability, resilience will be key to shaping a strong and sustainable economy: Chirag Paswan

Oct 07, 2024

Indian e-commerce market expected to reach US$325 billion in 2030, with a robust 21 per cent CAGR: FICCI- Deloitte Report

 

 

NEW DELHI, 07 October 2024: Mr Chirag Paswan, Minister of Food Processing Industries, Govt of India today while addressing the 13th edition of ‘FICCI MASSMERIZE 2024’, emphasized on ensuring that quality of products should never be compromised in every sector as it will not only impact company’s brand but India’s brand as well. He added that the government is working on establishing our own Indian standards which should be accepted by the world. 

 

Mr Paswan stated that Indian retail, FMCG and e-commerce sector is an important pillar of India’s growing economy. “As we work towards a Viksit Bharat, the FMCG sector’s adaptability and resilience will be key to shaping a strong and sustainable economy. Thesesectors will play a leading role in achieving Hon’ble Prime Minister’s vision of an Atmanirbhar Bharat,” he added.

 

The Minister further emphasized on the need to identify and tap the abundant resources present within the country. The government, he said is also working on converting India’s population into an asset for the nation with immense opportunities. “India, as a market not just gives huge opportunity domestically but also to the world as well. Our population gives us the diversity in every sector through new technologies and innovation.     

 

Reiterating PM’s vision, Mr Paswan highlighted on the importance of reform and transform. “India has seen transformational reforms and attained to new heights in last 10 years which the world is witnessing. The industry has a very big role in this journey. Every stakeholder has an important role in the journey of Amrit Kaal to make India a developed nation by 2047,” he added.

 

Speaking about the developments in the Food Processing sector, Mr Paswan highlighted that the prime objective of the government is to ensure minimizing food wastage with value addition. He added that soon 50 multi-purpose food irradiation units will be set-up along with 100 food testing labs. 

 

Addressing the session ‘Navigating consumer behaviour shifts and strategies for success’, Ms Nidhi Khare, Secretary, Department of Consumer Affairs, Ministry of Consumer Affairs, Food and Public Distribution, Govt of India said, “We are committed to enhancing consumer experience through efficient system of grievance redressal. Our dedicated national consumer helpline aims to resolve as many complaints as possible. Notably, the number of registered complaints has doubled since last year, indicating growing consumer confidence in national grievance redressal mechanism.”

 

Mr Harsha V Agarwal, Senior Vice President, FICCI and Vice Chairman & Managing Director, Emami Limited said that going forward, innovation and technology will drive the FMCG sector with sustainability at the core of all activities. “As we look to the future, embracing innovation and digital transformation will be critical for staying competitive,” he added.

 

Mr Kumar Venkatasubramanian, Chair FICCI FMCG Committee & CEO, Procter & Gamble, India said that FMCG sector is a key simulator of our consumption-led economy. It plays a pivotal role in driving double-digit growth and realizing the vision of ViksitBharat. “Innovation, resilience and growth are truly the hallmark of the Indian FMCG sector,” he added.

 

Mr Siddharth Shah, Chair, FICCI E-commerce Committee and Co-Founder & CEO, Pharmeasy delivered the vote of thanks. 

 

FICCI-Deloitte Report ‘SPURring Growth in FMCG, Retail and E-commerce Sectors in India’, was released during the event.

 

Key highlights of the Report:

 

Growth projection of FMCG, Retail, and E-Commerce sectors:

 

  1. India’s FMCG sector, buoyed by rural demand recovery, easing inflation, and favorable monsoon conditions, is expected to be the world’s third-largest consumer market by 2030. This growth is being fueled by heightened competition from D2C brands, a rising focus on premiumization, and innovative new product development tailored to the needs of young and middle-income consumers. Additionally, FMCG exports are on the rise, contributing significantly to foreign direct investment (FDI).
  2. The retail sector which is valued at US$ 753 billion in FY23 is projected to post a 9.1% CAGR until FY27, the highest amongst the large economies. Retailers are rapidly adapting to omnichannel strategies, employing tech-enabled experiential selling, and launching new private labels to cater to India’s price-sensitive yet aspirational consumers. The expansion of retail networks in Tier 2 and 3 cities is expected to contribute a significant portion of this growth.
  3. E-commerce, one of the fastest-growing sectors in India, is projected to reach US$325 billion in 2030, growing at a robust 21 percent CAGR (2023– 30). Increased smartphone penetration, internet access, and growing disposable incomes have fueled this expansion. Quick commerce, which focuses on rapid delivery of essentials, has also disrupted traditional supply chains, reshaping consumption patterns.

 

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