New Delhi, Oct 8
Innovation, resilience and growth are truly the hallmark of the Indian fast-moving consumer good (FMCG) sector and the country is emerging as an evolved supply chain for the world, according to Kumar Venkatasubramanian, India CEO, Procter & Gamble.
New Delhi, Oct 8 (IANS) Innovation, resilience and growth are truly the hallmark of the Indian fast-moving consumer good (FMCG) sector and the country is emerging as an evolved supply chain for the world, according to Kumar Venkatasubramanian, India CEO, Procter & Gamble. Speaking at an FICCI event in the national capital, Venkatasubramanian, also the Chair of FICCI FMCG Committee, said that sector is a key simulator of our consumption-led economy.
"It plays a pivotal role in driving double-digit growth and realising the vision of Viksit Bharat," he added.
Procter & Gamble is currently investing in developing a deep understanding of the customer behaviour, as quick commerce explodes in the country.
"This is the era of India emerging as a destination of most evolved supply chain capabilities, enabling companies to design more products to cater to unique needs of the consumers," he told the gathering.
"This is evident in the way the e-commerce and quick commerce markets have grown. Enabled by strategic customer partnership that celebrates the best of data and analytics, we are able to grow quick commerce at 2 times," said Venkatasubramanian.
According to him, Venkatasubramanian, rising disposable incomes, coupled with greater aspirations fuelled by access to information, "are changing the dynamics of India's consumption led economy".
"With consumers being more value-conscious than outlay conscious, they are willing to pay for more evolved needs and make informed choices of superior propositions that fulfil their needs," said the P&G CEO.
The country has become a top global destination for investments.
As per a latest FICCI-Deloitte report, India's e-commerce market is expected to reach $325 billion in 2030, with a strong 21 per cent compound annual growth rate (CAGR). The retail sector, which is valued at $753 billion in FY23, is projected to post a 9.1 per cent CAGR until FY27, the highest among the large economies.