Govt to come up with new National Retail Trade Policy soon: Minister

The policy is being formulated to support the development of the sector that is claimed to benefit 65 million small traders

Govt to come up with new National Retail Trade Policy soon: Minister

NEW DELHI: The Government of India is in the final stage to launch the new National Retail Trade Policy. It is being formulated to support the development of the sector that will benefit 65 million small traders. These endeavours along with the support of the industry would help in contributing a significant chunk to India’s GDP,” Som Parkash, Minister of State for Commerce & Industry said today.

Addressing the inaugural virtual session of ‘FICCI MASSMERIZE 2020’, Parkash said that the government would extend all support to the e-commerce and retail industry through various policies. “We are in the final stage of drafting a National Logistics Policy, New Industrial Policy, E-commerce Policy and National Retail Trade policy,” he said.

He further said that trade, e-commerce and FMCG companies had a huge presence in India along with a large consumer base that provided numerous opportunities for every player in this sector. “DPIIT has always been in the forefront in ensuring that investments come in this sector,” said Parkash.

He also urged the industry to come forward and contribute towards making India Aatmanirbhar (self-reliant) in every possible way and to elevate the country’s image globally.

Parkash said that COVID-19 has had an impact on the people, economy and the businesses. The industry has worked along with the government to contain the spread of the virus. “The Government has already launched a series of programmes to transform India into a global economic hub. The government works on the vision of minimum government and maximum governance,” he noted.

Speaking on the occasion, Sanjiv Mehta, Vice President, FICCI & Chair, FICCI FMCG Committee and CMD, Hindustan Unilever said that the world we live would be very different post COVID-19. “But a crisis of this magnitude also has the potential to re-shape the world order. Certain trends like clean living and contactless culture are behaviours which are there to stay even after the crisis. Every crisis catalyses a new wave of change and COVID-19 has led to the adoption of digital as the new way of life,” he added.

Mehta further said that the Omnichannel has had a big impact and companies are looking at giving consumers a seamless experience across different channels.

Arvind Mediratta, Chair FICCI Retail and Internal Trade Committee and MD & CEO, METRO Cash & Carry India said, “The pandemic has brought the focus back on health, wellness, convenience categories along with home entertainment. With customers wanting cashless and contactless shopping experience today, they want the best of both worlds – online and offline- a perfect integration of digital and physical. It has become pertinent for businesses to have an Omnichannel approach. Omnichannel retailers will have to devise different ways of wowing each target segment through the right mix of innovation and technology. Use of Augmented/Virtual Reality; Beacons or Geo-fencing; Interactive Kiosks for easy product information and self check-outs are going to provide an immersive shopping experience for customers.”

Raghava Rao, Co-Chair FICCI E-Commerce Committee and Vice President, Finance and CFO-Amazon Seller Services said, “Retail has a fantastic opportunity to reinvent itself to serve customers and consumers in the pandemic. With safety, convenience and digitisation emerging as new themes, I look forward to Massmerize showcasing inventions, success stories and evolving business models as we seek to reboot the economy and nation at large.’’

Herjit S Bhalla, Managing Director, Hershey India & Co- Chair FICCI FMCG Committee said, “In 2020, through the global crisis we have serendipitously discovered new opportunities. Every facet of the business and our consumers has evolved into a new paradigm – one that we are adapting and catering to at increasingly agile rates. There is no time better than now for us to hit ctrl-alt-del and reset our ways of working through innovative and entrepreneurial ideas.”

Rajat Wahi, Partner, Deloitte India said, “We are pleased to associate as the knowledge partner with FICCI on Massmerize 2020, for the 4th year in a row. Deloitte’s report called ‘REBOOT’ launched as part of this event looks at how FMCG and retail companies must reboot their businesses to better connect with Indian consumers and shoppers through technology and omni-presence, and by building a flexible distribution network.”

Dilip Chenoy, Secretary General, FICCI also shared his perspective on the future of Indian retail, FMCG and e-commerce industry.

FICCI-Deloitte report on FMCG and Retail (e-commerce) REBOOT was also released during the webinar.

Click here to see the key trends of FMCG and Retail sectors post-COVID-19, analysed by FICCI-Deloitte report.

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