To help India’s manufacturing sector, the government is working to introduce quality standards on a larger scale, said Union Minister Piyush Goyal. He was speaking at Massmerize 2023, organised by the Federation of Indian Chambers of Commerce and Industry (FICCI). India is going to see more consumer demands driven by sustainability, opined the minister.
“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.
Small retailers can survive the onslaught of large tech-based e-commerce companies with the help of Open Network for Digital Commerce (ONDC), said the minister. Small companies and startups are being encouraged by the government to integrate into the e-commerce ecosystem while ONDC is 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.
The retail industry, due to the rapid change in technology, must continue to adapt and invest in digital transformation he further added. FICCI is committed to foster a collaborative ecosystem and facilitate cross-industry partnerships which will drive innovation and growth, he noted.
“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.
