Retail is the pillar of Indian Economy as it accounts for 10% of GDP and E-Commerce is the ladder of Indian Economy, Dr. V K Saraswat, Honorable Member, NITI Aayog, Government of India

No.PR-16

April 17, 2020

New Delhi

Retail is the pillar of Indian Economy as it accounts for 10% of GDP and E-Commerce is the ladder of Indian Economy, Dr. V K Saraswat, Honorable Member, NITI Aayog, Government of India

While Covid -19 has been a significant challenge for the country, its economy and different industries, it has posed serious challenges for the Retail and E-Commerce industry. To understand the challenges and way forward, PHD Chamber of Commerce and Industries, conducted an interactive session with Dr. V K Saraswat, Honorable Member, NITI Aayog, Government of India on 17th April, 2020.

The session witnessed a participation of 100 industry players and seniors members of PHD Chamber.

Dr. V K Saraswat, Honorable Member, NITI Aayog, Government of India, appreciated the efforts of PHD Chamber to organize such an interactive webinar on such an important topic in these crucial times and said that in these days of crisis and lockdown, we have to ensure that economic activity is conducted in some form and solve the problems of our citizens.

Deliberating the participants on the overview of the Indian retail and e-commerce industry, Dr Saraswat, discussed the analytical scenario of the Retail and E-Commerce players of India and their growth paths in recent past which have been hit due to the problems poised in front of the industry due to spread of Covid - 19, there were problems like shortage of labor and products, last-mile connectivity, restrictions of the supply chain of goods, banking services were slowed down, among others which have significantly affected the sellers, e-commerce companies and the retailers equally.

Retail is a pillar of the Indian Economy as it accounts for 10% of GDP and E-Commerce is it's ladder. The total retail market has gone from 700 Billion to 100 billion this year. We are facing problems and we have to restrict ourselves to only essential commodities at this moment. But yesterday, the government has given a notice that now we can have the non-essential commodities also and this will help to boost the industry to a great extent said, Dr. V K Saraswat.

Retail is growing due to robust demand and this is one sector that cannot be lagging because as it caters to the daily requirement of the nation and feeds economy in a big way. Collective efforts of finances and banks with retail are enabling the consumers to go for E-Commerce. We appreciate the policies which are provided by the government and are in support with GST, FDI, E-Commerce, Dr. V K Saraswat.

In my opinion, E-Commerce will be a new driver to growth and will increase the capital and growth of manufacturing. We are seeing a huge development in terms of infrastructure, logistics, warehousing, stock infrastructure, digital literacy, enabling huge employment generation due to an increase in the E-Commerce industry, Dr. V K Saraswat

E-Commerce sales are rising from 10% to 20% of the total Retail unit globally. India ranks among the top 5 countries as far as e-commerce is concerned. E-commerce has been significantly aligned with the digital economy. By 2021, we expect a retail growth of 1.2-1.3 trillion in which 84 trillion will be through e-commerce. So statically the numbers are going to increase and we will be one of world fastest growing e-commerce country in the world, Dr. V K Saraswat.

Mr. Saket Dalmia, Chair Retail Committee, PHD Chamber, welcomed Dr. V K Saraswat and shared the issues and challenges faced by the industry while also suggesting relief measures and steps to ensure smooth working of the industry in the country.

Mr Sanjay Aggarwal, Senior Vice President, PHD Chamber welcomed Dr. V K Saraswat and appreciated the valuable contribution of NITI Aayog in Nation building, which is providing help and assistance to the government.

The FMCG, Retail and E-Commerce industry has faced a lot of glitches and now there are a lot of directives that have been put into place which is ensuring the smooth functioning of these departments, said Mr Aggarwal.

We highly appreciate the pro-active steps being taken by NITI Aayog. We extend our help and support to the government and your esteemed office by providing our representations on the issues and difficulties being faced by our members and industry partners, said Mr Aggarwal.

The webinar was attended by Shri Pradeep Agarwal, Co-Chair, Retail Committee, Shri Pradeep Multani, Vice President, PHD Chamber and other senior PHD members and industry stalwarts. The session was moderated by Dr. Yogesh Srivastav, Principal Director,PHD Chamber and Mr. Saurabh Sanyal, Secretary-General, PHD Chamber.

Ends.

Media Division

PHD Chamber of Commerce and Industry