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As India gallops, so will FMCG industry: Sanjiv Puri, ITC CMD

It is indeed a matter of pride that India is today a beacon of growth in a world faced with multi-dimensional challenges. The Prime Minister’s vision to build a Viksit Bharat through a far-reaching paradigm of sustainable and inclusive growth, the government’s multidimensional interventions including policies to accelerate physical and digital infrastructure hold the promise to transform India into a global manufacturing hub even as it strengthens its leadership in climate action, services growth and prowess in technology. An aspirational society and young demographics are contributing to a growing consumer market. FMCG therefore represents an area of immense potential.

The market size of the FMCG segment by 2030 is estimated at over Rs 21 trillion. Experts indicate that consumption rises at a much faster pace when per capita incomes cross $4,000, as is expected in India by 2030. There is today an increasing consumer preference for trusted brands, convenience, offerings in health and wellness as well as premium products. In 2024, a rising Bharat with unbounded aspirations, the massification of digital access and democratisation of premiumisation will further broaden opportunities for the FMCG sector.

The key driver to unleashing FMCG growth through a virtuous cycle of consumption, investment and income lies in creating gainful livelihood opportunities. It is here that the transformation of the agri sector gains critical importance given its predominant role in livelihood creation. This sector also bears the challenge of providing food security to India’s projected population of 1.5 billion by 2030 even as extreme weather events continue to multiply and make farmers vulnerable. It is mission critical to focus on adaptation measures to build climate resilience to secure livelihoods.

ITC has therefore launched an extensive Climate Smart Agriculture programme that is demonstrating encouraging results. ITC’s Mission Millets is also promoting this planet friendly crop through nutritious and innovative products, sustainable agriculture and consumer awareness. Adoption of digital technology by farmers to enhance productivity and access to gainful markets will create newer opportunities, an area that ITCMAARS is spearheading with an aspiration to reach 10 million farmers. Unleashing India’s tourism potential will also add to supporting largescale livelihoods. These concerted efforts to secure and raise incomes will not only fuel growth in FMCG but contribute to our shared aspiration of a developed India.

Jan 01,2024

Source: Economic Times