India is expected to become the fastest growing e-Commerce market in the world
‘India is expected to become the fastest growing e-Commerce market in the world’ said Shri Som Prakash, Hon’ble Minister of State, Ministry of Commerce & Industry, Government of India. Shri Som Prakash was speaking at the CII Northern Region Retail 2021 organised with the theme ‘Navigating the Future’.
Appreciating the retail sector, Shri Som Prakash highlighted that the retail sector contributes around 10% to the country’s GDP and 8% of the total employment. Highlighting the steps taken by the Government of India for the promotion of Indian Retail Sector, Shri Som Prakash mentioned that the Government of India has allowed 51% in Multi Brand Retail and 100% FDI in single brand retail through automatic route.
The Hon’ble Minister reiterated the Government’s commitment to support the retailers at each level to reach customers even in Tier II and III cities and ultimately make India global retail hub.
In his welcome remarks, Mr Devendra Chawla, MD & CEO, Spencer’s Retail & Nature’s Basket emphasized that in the wake of challenges imposed on account of COVID-19 there is a need for creating an eco system that unlocks value for participating players in the retail sector. Mr Chawla further highlighted that India's retail market is estimated to reach $1.1-1.3 trillion by 2025, from $0.7 trillion in 2019 driven by socio-demographic and economic factors such as urbanisation, income growth and rise in nuclear families.
Speaking on the occasion, Mr Suhel Seth, Founder & Managing Partner, Counselage India said that COVID-19 has made consumers want their brands to care for them as they care for the brand. Mr Seth further highlighted the need for re imagination and rejuvenation in the thinking of Indian Retail Players for achieving holistic growth in the current circumstances.
In his address, Mr Ahmed Al Sheikh, President, PepsiCo India emphasized that Multi Channel is the new normal and different channels will co-exist with each channel playing an important role.
Mr Akshay Bector, Chairman, Cremica Food India Ltd mentioned that in the year 2020, retailers felt both the positive and negative impacts. However, 2021 is the year of opportunity for the retail sector to get consumers back on ground.
Mr Raghava Rao, VP – Finance & CFO, Amazon India highlighted the importance of Atma Nirbhar Bharat and strategizing partnerships with online retail players for the benefit of Indian MSMEs.
The Who’s Who of the retail sector including senior officials from Nivea India, ITC Ltd, Accenture India, Tata Global Beverages, Reliance Retail, Britannia Industries, Coca-Cola India, Pepsico, Nestle India, Pepe Jean, V-Mart Retail and many others addressed more than 200 participants and brainstormed on emerging trends / concepts in Retail Sector.