India's E-Commerce Market Poised for Exponential Growth by 2030

India's e-commerce market, with an expected value of USD 325 billion by 2030 and a CAGR of 21%, is pivotal to the nation's economic rise. Government efforts are underway to enhance product quality standards, harness India's diverse population for innovation, and minimize food wastage through strategic reforms.

India's e-commerce industry is projected to soar to USD 325 billion by the year 2030, growing at a compound annual growth rate (CAGR) of 21%. This forecast comes from a joint report by FICCI and Deloitte, emphasized by Chirag Paswan, Minister of Food Processing Industries, at the 'FICCI MASSMERIZE 2024' event. Paswan underscored the imperative of maintaining high product quality standards across sectors to uphold not only corporate reputation but also India's global prestige.

The government is actively working to establish internationally recognized Indian standards. Paswan pointed out that the retail, FMCG, and e-commerce sectors are crucial components of India's expanding economy. He lauded the adaptability and resilience of the FMCG sector, stating it would significantly shape a strong and self-reliant India, resonating with Prime Minister Narendra Modi's vision of Atmanirbhar Bharat. He highlighted the strategy to leverage India's vast resources, turning its population into an economic asset and fostering innovation and technological progress.

Paswan reaffirmed the Prime Minister's vision of rapid reforms and national transformation, noting that India has achieved significant milestones over the past decade, gaining global attention. The industry, he elaborated, is essential to the mission of making India a developed nation by 2047, in what is referred to as the Amrit Kaal. Specifically in the food processing sector, efforts are focused on reducing food wastage through value addition. Plans are underway to establish 50 multi-purpose food irradiation units and 100 food testing laboratories. In line with consumer trends, Nidhi Khare, Secretary of the Department of Consumer Affairs, highlighted improvements in the national grievance redressal system, with consumer complaints having doubled in the past year, reflecting increased trust in the mechanism.

(With inputs from agencies.)