India's manufacturing sector to have strict quality standards: Goyal

“In the next 2-3 years, we hope to significantly ramp up products that will have reasonably strict, but practical compulsory quality standards. This will help the manufacturing sector stand against irrational competition, increase scale of production, and become more competitive,” Goyal, India’s minister of commerce and industry, consumer affairs, food and public distribution, and textiles, said in a press release by the FICCI.

The minister stated that Open Network for Digital Commerce (ONDC) will help small retailers survive the onslaught of large tech-based e-commerce companies. The government is working towards encouraging small companies and startups to integrate into the e-commerce ecosystem with ONDC expected to democratise the benefits of e-commerce.

“The retail and FMCG industries hold the potential to be significant contributors to the economy besides also creating entrepreneurs as well as generating employment. E-commerce has expanded the reach of industry and ONDC will democratise access,” said Subhrakant Panda, president, FICCI and managing director, IMFA Group.

Panda stated that given the rapid change in technology, the retail industry must continue to adapt as well as invest in digital transformation. FICCI is committed to foster a collaborative ecosystem and facilitate cross-industry partnerships which will drive innovation and growth, he noted.

“The rising income level for households is transforming India. The future of consumption in India will be led by growth of the middle income and high-income segments, which will grow to one in two households by 2030, from one in four households today. While metros and emerging towns continue to drive economic growth, the rural per capita consumption is expected to grow faster than in urban areas showing the same consumption patterns as urban counterparts,” said Subramaniam V, chair, FICCI retail and internal trade committee and director, Reliance Retail Ltd.

“India is on the cusp of exponential growth. We have come out stronger post the pandemic and are now building on the momentum of the last few years. By keeping our focus on delighting the consumers, boosting innovation, accelerating infrastructure growth, and curating meaningful partnerships, we can propel our growth as an economy and an industry—economically as well as socially,” said LV Vaidyanathan, CEO and MD, P&G India and convenor, FICCI Massmerize.

Fibre2Fashion News Desk (NB)