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Retail crucial as Covid-19 altered consumption behaviour of citizens
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Wednesday, 05 August, 2020, 08 : 00 AM [IST]
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Vijetha Iyer, Mumbai
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Retail is an important, dynamic, robust & driving benchmark for any economy to stand in the global market as Covid-19 has altered consumption behaviour of the citizens. This is how the importance of retail was highlighted at a recently-held two-day webinar on Virtual Retail Supply Chain Expo, 2020.
The inaugural session of the event was graced by Piyush Goyal, Minister for Commerce & Industry, Government of India. The event was organised by PHD Chamber of Commerce & Industry.
Addressing the panelists and the audiences at the webinar, Goyal said, ‘India has a unique charm to Reinvent, Re-Imagine & Redesign its Future. This retail expo is a step in which it will help in facilitating the ease of doing business in the country, while enhancing economic growth, bringing transparency, honesty and integrity in businesses. It will help in attracting investment, talent and technology into our country and achieving our goal to make India a superpower.”
Talking about Prime Minister Narendra Modi's mission towards building an Atmanirbhar Bharat (Self-Reliant India), Goyal said, “India should look at this year as a year of revolution for the country to become a developed nation and not as a year of the threshold. We should consider this year as a year of bringing robust & sustainable business models for the coming generations ahead. Atmanirbhar Bharat is a mechanism for opening wide doors for inviting the world to participate in India's growth story with robust investment, high-end technologies and talent, which will sooner make India self-reliant."
“The government is bringing in duty provisions like anti-dumping and manufacturing duties, among others, to protect our domestic manufacturers and retailers; wherever we find India is capable of domestic production and the same is getting affected due to irrational flooding of low quality and low cost imported products or if imports are posing threats to production of particular goods or sector,” said Goyal.
While talking about the new announcement by the government, he said, “Very soon, the government will be announcing a National Traders Welfare Board to promote 'Made in India' products and protect the domestic manufacturer. We urge PHD Chamber to encourage its member organisations to register with GeM (Government e-Marketplace) and start supplying to the government by being a part of the government procurement process; this will aid increased reliance on local manufacturers and make India truly an Atmanirbhar Bharat.”
Som Parkash, Minister of State for Commerce & Industry, Government of India, addressed the importance of logistics and retail supply chain. He mentioned that Covid-19 has driven customers to prioritise health and supply chain safety over cost and convenience. There is a definite requirement for retailers and consumer goods companies to realign their operations in ways that provide minimal touch points.
He further deliberated on the need for Digitalisation of Supply Chain and Post Covid Outlook that will have customer-centric engagement; retail operational systems and foster better ecosystem relationship management.
The inaugural session was also attended by other senior members of the chamber and industry stalwarts. The other sessions of the webinar were focussed on topics like 'Re-evaluating & transforming the Retail Supply Chain Model through Digital Trade.'
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