21:50
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The domestic retail market is poised to touch USD 1.3 trillion by
2020 and the industry has the responsibility to provide quality goods
and services at affordable prices, Consumer Affairs Minister K V Thomas
today said.
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The consumer behaviour is also experiencing a transition with trends like online shopping, he said at an event organised by FICCI. With consumer awareness improving dumping of cheap goods from neighbouring countries is slowing down, he added.
"The Indian retail market is poised to reach USD 1.3 trillion by 2020 and therefore it will provide a tremendous growth opportunity for retail and FMCG players alike," Thomas said, a week after government relaxed foreign direct investment (FDI) norms in multi-brand retail.
The Indian FMCG industry is growing at 11 per cent annually. The current retail market size is USD 500 billion.
Thomas said they have "a responsibility" to keep consumer
confidence by providing quality goods and services at affordable prices.
"....I would expect the Indian industry to live up to the expectations of people who look up to you for goods and services at price they can afford," he said, adding that the industry should serve consumers in such a manner that the regulators' activities become redundant.
The minister said a high-level committee on internal trade reforms has been set up to see how laws could be streamlined to ensure vibrant market is in place for all stakeholders.
Last week, the government relaxed foreign direct investment (FDI) norms in multi-brand retail. It diluted mandatory 30 per cent local sourcing norms for multi-brand
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The consumer behaviour is also experiencing a transition with trends like online shopping, he said at an event organised by FICCI. With consumer awareness improving dumping of cheap goods from neighbouring countries is slowing down, he added.
"The Indian retail market is poised to reach USD 1.3 trillion by 2020 and therefore it will provide a tremendous growth opportunity for retail and FMCG players alike," Thomas said, a week after government relaxed foreign direct investment (FDI) norms in multi-brand retail.
The Indian FMCG industry is growing at 11 per cent annually. The current retail market size is USD 500 billion.
"....I would expect the Indian industry to live up to the expectations of people who look up to you for goods and services at price they can afford," he said, adding that the industry should serve consumers in such a manner that the regulators' activities become redundant.
The minister said a high-level committee on internal trade reforms has been set up to see how laws could be streamlined to ensure vibrant market is in place for all stakeholders.
Last week, the government relaxed foreign direct investment (FDI) norms in multi-brand retail. It diluted mandatory 30 per cent local sourcing norms for multi-brand
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