Industry should take lead to bring country’s economy back on 7% growth trajectory: CEA

CEA Dr Krishnamurthy Subramanian and others at the Massmerize 2019 – Retail, FMCG & E-commerce Conference organised by FICCI here on October 16.

New Delhi (NVI): Government’s Chief Economic Advisor (CEA) Dr Krishnamurthy Subramanian urged the Industry to capitalise on the measures announced by the government and RBI and should take lead to put economy back on the seven percent plus growth path.

Speaking at ‘Massmerize 2019 – Retail, FMCG & E-commerce Conference’ organized by FICCI, Dr Subramanian said, “Investment has to be long-term and corporates should focus on the long-run. The fundamentals of the economy are fundamentally as strong as before. This gives an immense opportunity for corporates to be able to benefit from consumption by doing the investments that is required to be able to put economy back on the seven percent plus growth path to make the country a 5 trillion Dollar economy by 2024-25 and 10 trillion Dollar by 2032”.

He further reiterated that in order to achieve the target of five  trillion Dollar economy by 20204-25 and 10 trillion Dollar by 2032, it is imperative that the corporates should also set-up benchmark with regards to honouring contracts of MSMEs and by making timely payments.

In order to increase consumption, the CEA emphasised that the corporates should focus on the technology and big data.

He said that consumer data can be used to find the preference as well as predict timing of consumption thereby getting a holistic view for making investments much sharper.

Chair, FICCI FMCG Committee Sanjiv Mehta said, “Those who can re-imagine and impact the entire value chain are going to be the real gainers”.

Speaking at the conference, Chair-FICCI Retail Krish Iyer, said that the Indian retail is one of the fastest growing industries across the globe and is expected to cross one trillion Dollar by 2021.

“It is heartening to know that RBI and the government are working in tandem to address the challenges faced by the industry,” added Mr Iyer, who is also the Internal Trade Committee and CEO & President, Walmart India Pvt Ltd.

Co-Chair FICCI FMCG Committee, Herjit S Bhalla welcomed the recent steps taken by the government to improve the retail sector and highlighted the importance of using vernacular communications to engage with consumers.

Bhalla who is also the Managing Director, Hershey India said, “It is important for companies to speak a language that consumers desire and understand”.

Co-Chair FICCI E-Commerce Committee and Vice President- Finance and CFO -Amazon Seller Services P. Ltd Raghav Rao said that in order to achieve overall economic growth, it is important to partner with local or kirana stores as they have now become both adoptive and adaptive to new technology.

FICCI-Deloitte report ‘EVOLVE for consumer’ was also released during the event.

 

–RB

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