K V Thomas bets big on Indian retail market

The domestic retail market is poised to touch 1.3 trillion

dollars (79,15,700 crores) by 2020 and the industry has the responsibility to provide quality goods and services at affordable prices, consumer affairs minister K V Thomas has said. He points out that consumer behaviour is going through a transition with trends like online shopping. With consumer awareness improving dumping of cheap goods from neighbouring countries is slowing down, he added. “The Indian retail market is poised to reach 1.3 trillion dollars by 2020 and therefore it will provide a tremendous growth opportunity for retail and FMCG players alike,” Thomas said.

“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. The minister said a high-level committee on internal trade reforms has been set up to see how laws could be streamlined to ensure vibrant market is in place for all stakeholders.

Emphasising that India’s huge consumer base of more than one billion is an opportunity for the FMCG sector, Thomas said the industry should take advantage of this and invent new products with superior technical prowess and intelligence. At present, global players are taking benefit of this situation. They are shifting to India to manufacture their goods as the country has cheap labour and the big market to exploit, he said.