New Delhi, October 8 (IANS). Innovation, strength and growth are the hallmarks of India’s FMCG sector and India is fast emerging as a leading supply chain leader in the world. This information was given by Kumar Venkat Subramaniam, CEO of Procter & Gamble (P&G) India.
Speaking at a FICCI event in the national capital, Venkat Subramaniam said the sector is a major simulator of our consumption-based economy. This will play an important role in driving double digit growth and realizing the vision of ‘Developed India’.
With the rapid rise of quick commerce in the country, P&G is currently investing in understanding customer behaviour.
He said that today India is emerging rapidly in the supply chain in the world. This allows companies to create more unique products to meet customer needs.
According to Venkat Subramaniam, the dynamics of India’s consumption-based economy are changing rapidly due to rising disposable incomes, rapidly rising aspirations driven by the flow of information.
He further said that at present India has become the top destination in the world for investment.
According to the latest report by FICCI-Deloitte, India’s e-commerce market can reach $325 billion by 2030. India’s retail sector was worth $753 billion in FY23. It is projected to grow at a CAGR of 9.1 per cent by FY27, the highest among the world’s major economies.
India is the fastest growing economy in the world. India’s GDP growth rate was 8.2 percent in the financial year 2023-24, which is estimated to be 7.2 percent in the current financial year (2024-25).
–IANS
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