Consumer Affairs Minister K V Thomas expects India to be world leader in retailing by 2020 as it sees domestic retail market growing to a size of $1.3 trillion by then, providing a tremendous growth opportunity for retail and FMCG players alike. K V Thomas underscored this was eminent, given the changes in consumer behavior with trends like online shopping gaining wider acceptance and dumping of cheap goods from neighboring countries slowing down.
The Minister averred that the industry to achieve that level of growth will have to provide quality goods and services at affordable prices, which in turn ensures consumer confidence. The Indian FMCG industry is growing at 11% annually, with the current retail market size being at $500 billion.
'I would expect the Indian industry to live up to the expectations of people who look up to you for goods and services at price they can afford,' he said, adding that the industry should serve consumers in such a manner that the regulators' activities become redundant.
Further, the minister highlighted that a high-level committee on internal trade reforms has been set up to examine how laws could be streamlined to ensure vibrant market is in place for all stakeholders.
