Business News | Indian E-commerce Market Expected to Reach USD 325 Bln with 21% CAGR by 2030: FICCI- Deloitte Report

New Delhi [India], October 7 (ANI): The Indian e-commerce market is expected to reach USD 325 billion by 2030, growing at a robust compound annual growth rate (CAGR) of 21%, according to a FICCI-Deloitte report.

Chirag Paswan, Minister of Food Processing Industries, while addressing the 13th edition of 'FICCI MASSMERIZE 2024' on Monday, stressed the importance of never compromising on product quality across sectors, as this affects not only the company's reputation but also India's global standing.

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He added that the government is working towards establishing Indian standards that will be recognised internationally.

Paswan highlighted that the Indian retail, FMCG, and e-commerce sectors are key pillars of the country's growing economy.

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"As we work towards a Viksit Bharat, the FMCG sector's adaptability and resilience will be crucial in shaping a strong and sustainable economy. These sectors will play a leading role in achieving the Hon'ble Prime Minister's vision of an Atmanirbhar Bharat," he said.

The Minister also underlined the need to harness the abundant resources available within the country.

The government, he noted, is working on turning India's population into a valuable asset for the nation, creating immense opportunities.

"India, as a market, offers vast opportunities not only domestically but also globally. Our population provides diversity across sectors, driving innovation and technological advancements," he said.

Reaffirming the Prime Minister's vision, Paswan stressed the importance of reform and transformation.

"India has witnessed transformational reforms and reached new heights in the past 10 years, which the world is now recognising. The industry plays a crucial role in this journey, with every stakeholder contributing to the goal of making India a developed nation by 2047 during the Amrit Kaal," he added.

Discussing developments in the food processing sector, Paswan mentioned that the government's primary objective is to minimise food wastage through value addition. He also announced plans to establish 50 multi-purpose food irradiation units and 100 food testing labs in the near future.

In the session 'Navigating Consumer Behaviour Shifts and Strategies for Success', Nidhi Khare, Secretary of the Department of Consumer Affairs, stated, "We are committed to enhancing consumer experience through an efficient grievance redressal system. Our national consumer helpline is dedicated to resolving as many complaints as possible."

Khare added, "Notably, the number of registered complaints has doubled since last year, indicating growing consumer confidence in the national grievance redressal mechanism." (ANI)

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