SME Times News Bureau | 17 Oct, 2019
Advisor Krishnamurthy Subramanian on Wednesday said that large corporates
should set examples by making timely payments to micro, small and medium
'Massmerize 2019 - Retail, FMCG & E-commerce Conference' organized by
FICCI, Subramanian said it is imperative that the corporates should set-up
benchmark with regards to honouring contracts of MSMEs and by making timely
He also urged the
Industry to capitalise on the measures announced by the government and RBI and
start making the investments required to boost growth.
to be long-term and corporates should focus on the long-run. The fundamentals
of the economy are fundamentally as strong as before. This gives an immense
opportunity for corporates to be able to benefit from consumption by doing the investments
that is required to be able to put economy back on the 7% plus growth path to
make the country a $5 trillion economy by 2024-25 and $10 trillion by
2032," CEA said.
In order to increase
consumption, D Surbramanian emphasised that the corporates should also focus on
the technology and big data.
He said that consumer
data can be used to find the preference as well as predict timing of
consumption thereby getting a holistic view for making investments much
Mr Sanjiv Mehta,
Chair, FICCI FMCG Committee and Chairman and Managing Director, Hindustan
Unilever Limited, said, "Those who can re-imagine and impact the entire
value chain are going to be the real gainers."
Mr Krish Iyer,
Chair-FICCI Retail & Internal Trade Committee and CEO & President,
Walmart India Pvt. Ltd said that the Indian retail is one of the fastest
growing industries across the globe and is expected to cross USD 1 trillion by
heartening to know that RBI and the government are working in tandem to address
the challenges faced by the industry," added Mr Iyer.
Herjit S Bhalla,
Co-Chair FICCI FMCG Committee and Managing Director, Hershey India welcomed the
recent steps taken by the government to improve the retail sector.
He also highlighted
the importance of using vernacular communications to engage with consumers.
"It is important for companies to speak a language that consumers desire
and understand," he said.
Raghav Rao, Co-Chair
FICCI E-Commerce Committee and Vice President- Finance and CFO -Amazon Seller
Services P. Ltd said that in order to achieve overall economic growth, it is
important to partner with local or kirana stores as they have now become both
adoptive and adaptive to new technology.