FMCG poised for a new era of growth and innovation
India is on the cusp of exponential growth, having come out stronger post the pandemic, says LV Vaidyanathan, CEO and MD, P&G India.
“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,” he told delegates at FICCI organized MASSMERIZE held 6 Mar 2023.
“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,” said Vaidyanathan who was also Convenor of the FICCI MASSMERIZE.
“It is truly the time to propel the growth of this country into the future,” added Herjit S Bhalla, Co-Chair, FICCI FMCG Committee –
FMCG sector is truly poised for a new era of growth and innovation, said Bhalla, also VP Canada and AMEA, Asia, Middle East, Africa of The Hershey Company.
There is a tremendous headroom for growth for the FMCG industry in India, according to Harsha V Agarwal, Vice President, FICCI and Chair FICCI FMCG Committee.
“FMCG will continue to evolve and thrive, driven by innovation, technology, and a deep commitment to sustainability and social responsibility,” said Agarwal, also Vice Chairman and MD, Emami Ltd.
Rising income levels for households is transforming India, elaborated Subramaniam V, Chair, FICCI Retail.
“The future of consumption in India will be led by growth of the middle income and high-income segments, which will grow to one in two households by 2030, from one in four household today,” he said.
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, said Subramaniam, the Internal Trade Committee & Director, Reliance Retail Ltd.
The Retail and FMCG industry hold the potential to be a significant contributor to the economy besides also creating entrepreneurs as well as generating employment, stated Subhrakant Panda, President, FICCI.
“E-commerce has expanded the reach of industry and ONDC will democratize access,” he added.
Panda, Managing Director, IMFA Group, underlined 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 foster a collaborative ecosystem and facilitate cross-industry partnerships which will drive innovation and growth,” he assured.
During the event, FICCI-Deloitte report ‘PROPEL Retail and FMCG Sectors’, and FICCI-PLR Chambers ‘FMCG & Retail Law Booklet’ were also released. fiinews.com
