Published
Mar 6, 2019
Reading time
2 minutes
Download
Download the article
Print
Text size

Amitabh Kant: e-commerce will be a major part of India’s growth

Published
Mar 6, 2019

E-commerce has revolutionised retail in India and will be a major driving force behind the country’s growth in the coming years, NITI Aayog CEO Amitabh Kant said on March 5. 


As India’s e-commerce industry booms, it has become a highly pertinent political topic - Shutterstock


Predicting that India’s GDP will rise and that there will be resulting job opportunities, Kant recently spoke about how online retail has revolutionised India’s retail sector. "E-commerce market has brought a revolution in India's retail sector and nobody can stop it now," said Kant at an event in New Delhi, as reported by the Press Trust of India. 

Not only has e-commerce been instrumental to the growth of the Indian economy as a whole, but that it is necessary for any growth in the future, Kant said.

The Central Statistics Office (CSO) recently decreased its growth estimate for the Indian economy for the 2019 financial year from 7.2 percent to seven percent. Kant claimed that economic growth of nine percent is indeed possible but that it will only be possible through correctly harnessing the power of India’s e-commerce market.

However, Kant also stressed the importance of offline retail and said that online and offline retail must work together as Indian consumer behaviour changes. With fashion being the second largest category in Indian online shopping following electronics, the performance of the e-commerce industry as a whole will indeed impact the performance of the fashion industry as a whole and vice versa.

The government released its draft e-commerce policy on February 23 which comprises 42 pages and covers six main issues- data, infrastructure development, e-commerce marketplaces, regulatory issues, stimulating the domestic digital economy, and export promotion through e-commerce. As the election approaches, e-commerce has become a key focal point. 

Copyright © 2024 FashionNetwork.com All rights reserved.