Small retailers must embrace technology and ecommerce alongside brick and mortar stores, Niti Aayog CEO Amitabh Kant said, while calling for more liberalization so that startups can benefit from foreign investment.
â€œEcommerce in India is a $25 billion market right nowâ€¦ I can say with confidence it will become $300 billion by 2025,â€ Kant said at the India Economic Summit, organised by the World Economic Forum and the Confederation of Indian Industry.
Ecommerce cannot be stopped and is only going to grow stronger, he said. Favouring liberalization of the economy, Kant said that startups can benefit from foreign direct investment inflows.
He said that startups do not need any protectionist policies and since the government has opened up almost every sector in the last two years it cannot backtrack now.
Kant is heading a committee that is reviewing ecommerce rules. He also said that technology will have to transform manufacturing from a dark, dirty and dangerous activity to something more glamourous. â€œIt may lead to some loss of jobs of a particular kind but we have to therefore invest in skilling people accordingly,â€ Kant said. On whether the state can stay out of the process of digitization and ecommerce, Kant said that government has to spearhead change for Indiaâ€™s transformation into a cashless society.
â€œBy 2025 every person will become a walking ATMâ€¦ Indians are moving to mobile payments, use of biometrics at a very fast pace,â€ Kant said. Talking about the Chinese model of growth, the Niti Aayog CEO said India cannot imitate its neighborâ€™s policies but it must tap into the huge market potential of the country.
News Source From : http://economictimes.indiatimes.com/industry/services/retail/ecommerce-will-be-300-billion-market-by-2025-amitabh-kant/articleshow/54744612.cms
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