Retailigence

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‘Consumer-based economy to sail India out of crisis’

Posted by retailigence on January 12, 2009

Ahmedabad (PTI): The expanding consumer-based economy is what the experts and entreprenurs, attending Jain International Trade Organisation Global Summit, believe would help India come out of the global economic crisis.

Speaking at a session titled ‘India Today and Tomorrow’ here on Sunday, chairperson of marketing in the Goizueta Business School at Emory University, U.S., Jadish Seth said that because of the rising number of middle-class, India’s economy is driven by consumption of goods and services which will help India sail through the economic crisis.

“India has under gone three major changes. First was the independence, second the libralisation policies introduced in the early 90s’ and the latest being the move towards the comsumer-based economy,” Seth, said while addressing the Global Summit organised by JITO here.

“More Indians are now outsourcing their household chores. The Indian household which used to be like a production unit a decade ago is now fast becoming a consumer unit,” Seth said. This ever-expanding demand for service will boost the economy and help India sail through the economic crisis, he added.

“Our country being an emerging economy like China and Brazil, will recover faster from the global crises, unlike the U.S. which will take more time to get back on track,” the author of over 200 books and research papers said.

Seth said that a large public sector economy and less exposure to foreign investments have shielded India from the impact of global crisis. Future Group chief Kishore Biyani said that consumption will lead to the development in the country.

“There are big opportunities for service and retail sector on account of the increasing consumers in the expanding middle-class population in the country,” Biyani, head of one of the leading seller of consumer goods in India said.

“We believe more consumption will lead to larger development. Also the opportunity in India is best for entrepreneurs,” he added. Talking about importance of women and youth in the growing consumer and retail business, Biyani said power of women and youth have remained untapped.

“Woman is symbol of power in society and also in retail business. Retail business is about details, and women give more importance to details. Hence I believe that women could become big retailers,” Biyani said. However, he regretted the fact that there were less number of women in the retail bussiness.

Sources :- The Hindu

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