India’s E-commerce Market Set to Boom by 2030
The Indian e-commerce market is projected to reach USD 325 billion by 2030, growing at a compound annual growth rate (CAGR) of 21%, according to a FICCI-Deloitte report. Chirag Paswan, Minister of Food Processing Industries, emphasized the importance of maintaining product quality at the 13th edition of ‘FICCI MASSMERIZE 2024’.
Focus on Quality and Global Standards
Paswan highlighted that compromising on product quality affects both company reputation and India’s global standing. The government is working to establish Indian standards recognized internationally.
Key Sectors in India’s Economy
The Indian retail, FMCG, and e-commerce sectors are crucial to the country’s economic growth. Paswan noted their role in achieving the Prime Minister’s vision of an Atmanirbhar Bharat, emphasizing the need to utilize India’s resources effectively.
Transformational Reforms and Future Plans
Paswan discussed India’s transformational reforms over the past decade, aiming to make India a developed nation by 2047. In the food processing sector, the government plans to minimize food wastage and establish 50 multi-purpose food irradiation units and 100 food testing labs.
Enhancing Consumer Experience
Nidhi Khare, Secretary of the Department of Consumer Affairs, spoke about improving consumer experience through an efficient grievance redressal system. The number of registered complaints has doubled, showing increased consumer confidence.
Doubts Revealed
Chirag Paswan -: Chirag Paswan is an Indian politician and the Minister of Food Processing Industries. He is known for his work in improving food processing and quality standards in India.
E-commerce -: E-commerce refers to buying and selling goods or services using the internet. It includes online shopping websites like Amazon and Flipkart.
FICCI MASSMERIZE 2024 -: FICCI MASSMERIZE is an event organized by the Federation of Indian Chambers of Commerce & Industry (FICCI) to discuss retail, FMCG, and e-commerce trends. The 2024 event focuses on India’s growth in these sectors.
USD 325 billion -: USD 325 billion is a large amount of money, equivalent to about 27 lakh crore Indian Rupees. It represents the expected size of India’s e-commerce market by 2030.
CAGR -: CAGR stands for Compound Annual Growth Rate. It shows how much something, like a market, grows each year over a period of time.
FMCG -: FMCG stands for Fast-Moving Consumer Goods. These are products that sell quickly at a low cost, like snacks, toiletries, and cleaning products.
Atmanirbhar Bharat -: Atmanirbhar Bharat means ‘Self-Reliant India.’ It is a vision by the Indian government to make India more self-sufficient and reduce dependency on other countries.
Grievance redressal -: Grievance redressal is a way to solve complaints or problems that customers have with products or services. It helps improve customer satisfaction.