a)     Mr. Nitin  Paranjpe, CEO and MD, Hindustan Unilever Ltd., said that There is such a huge opportunity in Indian retail and FMCG that there is no need for players to fight for their share of the pie. Instead our focus should be to grow this pie which is small today and to unlock a closed market,”. He also added, “It is a fascinating time to be in the market today, to write our own stories, to evolve and to adapt. It is important to be ahead of the curve and realize beforehand what a consumer wants and to meet his demand. Yet, we have to do it responsibly in a sustainable manner because the consumers demand it and the planet needs it.”

b)    Mr. Rakesh Biyani, Joint MD, Pantaloon Retail India Ltd.,  said “Pick up any small or large category in the market and you will see that there aren’t enough options for a billion population market. As retailers we have to develop our brand portfolio and offer more choice to consumers.”

c)     Mr. Thomas Varghese, Chairman CII National Committee on Retail 2011-12 & MD & CEO, Aditya Birla Retail Ltd. said that “A rising GDP growth over the next decade, will quadruple consumption in this country. This and the demographic dividend where 70% Indians will be of working age in 2025, the flexible younger generation becoming major consumers, increasing media penetration and rising aspiration means that we are in for a great period ahead for retail and FMCG,” He also added that, “The current distribution set up is not equipped to take up such a growth and everyone in the ecosystem including the logistic providers, private label providers, those providing warehousing and cold chain etc. will have to work together to truly realize this opportunity.”

d)    Mr. Manu Anand, Chairman, CII National Committee on FMCG 2011-12 & Chairman & CEO, Pepsico - India Region said, “Almost every FMCG company has been riding the waves of growth in the last 20 years and it won’t be any different in the future. The winners however will innovate more complex but significantly insightful models and use technology to create flexible supply chain, innovative products and communication ideas and satisfy even more consumer requirements. Together with this, the government has to create an enabling environment and tackle number of urban issues for the industry to truly reach its potential.”

e)     Mr. Sanjeev Agarwal, CEO, Gitanjali Exports said, “Constant innovation, by developing new products and distribution mechanisms, is a key factor in attracting consumers and helping retailers to maintain both topline and bottomline growth. The Gold and Diamond ATM launched by Gitanjali is one good example." 

f)        A report ‘The Tiger Roars: An In-Depth Analysis of How a Billion Plus People Consume’ by CII and Boston Consulting Group (BCG) was also released at the summit. Mr. Abheek Singhi, Partner & Director, BCG, talking about India said that , “The roar of the Tiger is a fitting metaphor for consumer spending in India. Consumer spending in India will continue to roar, but the companies that try to capture it have to work hard. India is a big and growing consumer market, but not an easy one. Understanding the size and shape of the prize and where it is hidden in the challenging fabric of India are the first steps to capturing it.

The global economy is seeing a multi-speed recovery. While the developed economies struggle with low consumer confidence and stymied growth, emerging economies like Brazil, China and India are the clear bright spots with continued economic growth. The growth in the Indian economy can be attributed to sustained liberalization and deregulation, Indian entrepreneurship and the Indian consumer.

A large part of the India growth story has been driven by domestic consumption. The Indian consumer has struck a remarkable balance – on one hand driving nearly 60% of the Indian GDP and on the other hand having one of the highest savings rates in the world.The Indian consumer has shifted from forced denial to affordable indulgence (but not to the mindless consumption of some developed economies).

There are four primary drivers of this increase in consumption. The rise in incomes has been the first necessary but not sufficient condition behind this increase. The increased aspirations of the young India that has grown up in the last 2 decades have given that additional fillip to the demand. The two other drivers are the widespread media proliferation that has democratized the phenomena and the increased physical reach in all the corners of the country. The increase in consumption has the potential to create a virtuous circle of significant domestic markets that would drive investment in creating assets to serve these markets and generate further employment fuelling the domestic demand even further.

Thus, this 'sensible consumption' has the potential to drive the economic growth of the country for years to come. Organized retail has played, and shall continue to play, an important role in supporting the creation of this demand – through developing an enabling environment to satisfy this consumption growth.