THE
NEXT FIVE YEARS FOR BUSINESS (4) ECONOMY
Here Comes The Sun
We're going to see huge investments
coming in to tap India's consumer market
It is said that the night is darkest
before the dawn. The Indian economy and many of the business sectors
experienced unprecedented challenges in the past couple of quarters. Slowing
economic growth, dipping consumer sentiments, high cost of capital and high
inflation, coupled with lack of policy initiatives through the better part of
the last few quarters had made it difficult to grow and sustain businesses.
But these were also the times when we in the consumption sector have learnt a lot and have today built a stronger foundation for the long term sustainability of businesses. A lot of focus across businesses has gone into improving operational efficiencies, streamlining investments in critical areas and in building new initiatives that attract and retain consumers and create excitement and aspirations for valueadded, branded products.
Things are changing for the better. We have a government that has now shown a strong intent on getting the economy back on its rails, we have seen consumer sentiments improving to a great extent and businesses today are far more prepared to build a more sustainable growth plan. Consumers are changing and rapidly adapting to new products, brands and categories. The Indian kitchen and the food consumed at home are changing, as consumers try new cuisines and consume more value-added, branded products from across the world. Consumers are following global media trends, traveling across and outside the country and are more aware of choices. These are spurring demand for new categories and brands. The Indian woman is are far more confident and aware today than ever before and demanding more convenience and better products for her and her family.
Over the next five years, we will see huge investments coming in to tap what is by far one of largest consumer markets in the world that remains largely untapped. New consumer categories, new consumer brand and new distribution networks will emerge to drive consumption and growth in the economy. And this will be led through the growth of modern retail. New investments in retailing, whether from domestic or foreign players will go into improving supplychain efficiencies, building back-end infrastructure and for expanding the scale and scope of modern retail in India. Modern retail is still at an early stage in India, and this business demands long gestation for investments to start giving returns. Investments coming in with a long term perspective can help translate the benefits of modern and efficient retailing to customers, suppliers and all other stakeholders at a faster and sustainable basis.
The economic sunrise isn't very far away. The early rays of the dawn are evident. We must now learn to paint the future we want, rather than accept what seems to waiting for us round the corner. Scenario planning and innovation based on a deeper understanding of Indian consumers, their diversity and their aspirations will play a critical role in how we shape the future for our industry.
By KISHORE BIYANI who launched Big Bazaar stores in 2001, and kick-started a retail revolution in India CDET130104
But these were also the times when we in the consumption sector have learnt a lot and have today built a stronger foundation for the long term sustainability of businesses. A lot of focus across businesses has gone into improving operational efficiencies, streamlining investments in critical areas and in building new initiatives that attract and retain consumers and create excitement and aspirations for valueadded, branded products.
Things are changing for the better. We have a government that has now shown a strong intent on getting the economy back on its rails, we have seen consumer sentiments improving to a great extent and businesses today are far more prepared to build a more sustainable growth plan. Consumers are changing and rapidly adapting to new products, brands and categories. The Indian kitchen and the food consumed at home are changing, as consumers try new cuisines and consume more value-added, branded products from across the world. Consumers are following global media trends, traveling across and outside the country and are more aware of choices. These are spurring demand for new categories and brands. The Indian woman is are far more confident and aware today than ever before and demanding more convenience and better products for her and her family.
Over the next five years, we will see huge investments coming in to tap what is by far one of largest consumer markets in the world that remains largely untapped. New consumer categories, new consumer brand and new distribution networks will emerge to drive consumption and growth in the economy. And this will be led through the growth of modern retail. New investments in retailing, whether from domestic or foreign players will go into improving supplychain efficiencies, building back-end infrastructure and for expanding the scale and scope of modern retail in India. Modern retail is still at an early stage in India, and this business demands long gestation for investments to start giving returns. Investments coming in with a long term perspective can help translate the benefits of modern and efficient retailing to customers, suppliers and all other stakeholders at a faster and sustainable basis.
The economic sunrise isn't very far away. The early rays of the dawn are evident. We must now learn to paint the future we want, rather than accept what seems to waiting for us round the corner. Scenario planning and innovation based on a deeper understanding of Indian consumers, their diversity and their aspirations will play a critical role in how we shape the future for our industry.
By KISHORE BIYANI who launched Big Bazaar stores in 2001, and kick-started a retail revolution in India CDET130104
1 comment:
true..:)
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