New Delhi: Chirag Paswan, Minister of Food Processing Industries, underscored the pivotal role of the Fast-Moving Consumer Goods (FMCG) sector in driving India toward its goal of Viksit Bharat (Developed India) at the 13th edition of ‘FICCI MASSMERIZE 2024’. Highlighting the sector's adaptability and resilience, Paswan stated that these attributes are crucial for building a robust and sustainable economy.
Paswan emphasised the importance of product quality across all sectors, noting that the reputation of individual companies directly impacts India's global brand. He announced that the government is actively working on establishing Indian standards that can gain international acceptance.
He urged stakeholders to identify and leverage the country's abundant resources and harness the potential of its diverse population to foster innovation and technological advancement. He said, “India, as a market not just gives huge opportunity domestically, but also to the world as well. Our population gives us diversity in every sector through new technologies and innovation. Reiterating PM’s vision, Paswan highlighted the importance of reform and transformation. India has seen transformational reforms and attained new heights in the last 10 years, which the world is witnessing. The industry has a very big role in this journey. Every stakeholder has an important role in the journey of Amrit Kaal to make India a developed nation by 2047,” he added.
In terms of food processing, Paswan highlighted the government's commitment to minimising food wastage through value addition. He announced plans to set up 50 multi-purpose food irradiation units and 100 food testing labs to enhance food safety and quality.
During the event, Nidhi Khare, Secretary of the Department of Consumer Affairs, discussed the government's efforts to improve consumer experience through effective grievance redressal systems. She noted a doubling of registered complaints, indicating increased consumer confidence in the national grievance mechanism.
Notably, India’s FMCG market is expected to become the world's third-largest consumer market by 2030, driven by rising demand and innovative product offerings.
The retail sector is projected to grow at a CAGR of 9.1% until FY27, while the e-commerce market is expected to reach USD 325 billion by 2030, growing at an impressive 21% CAGR. Factors such as increased smartphone penetration and the rise of quick commerce are reshaping consumer behaviour and driving growth across these sectors.
At the event, Paswan, also, expressed optimism regarding his party's collaboration with the National Democratic Alliance (NDA) for the upcoming Jharkhand Assembly elections. Following discussions with Union Home Minister Amit Shah, Paswan indicated that clarity on the alliance’s structure would emerge in the next few days.
Paswan emphasised the importance of supporting the NDA, stating, "My party (LJP(RV)) is supporting the BJP in Haryana and Jammu and Kashmir. In Jharkhand also, I assume that we should contest the elections together with NDA. In the coming days, everything will be clear,” the Jharkhand Assembly elections will take place across 81 constituencies, although the Election Commission of India has yet to announce specific dates.
On September 29, Paswan confirmed that the LJP would participate in the elections, with ongoing discussions regarding the nature of its alliance with the NDA. He also suggested the possibility of running independently if negotiations do not yield favourable results. "Talks are going on whether we will contest the elections in alliance or independently in Jharkhand. If the discussions with the alliance lead to a positive result, then it is fine. LJP is capable of contesting elections from anywhere," he asserted.
The political landscape in Jharkhand is heating up, especially after the Election Commission conducted a review of poll preparedness, focusing on curbing money power in elections. As the situation develops, the LJP's potential alliance with the NDA could significantly influence the electoral dynamics in the state, making the upcoming elections a critical juncture for both parties.
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