Thursday, December 8, 2022

India's USD 5 Trillion Economy Without Formal Retail Food Business Will Be A Distant Dream

~Industry barons seek mind-set change in entrepreneurs in the new world order~

~India Food Forum's 15th edition receives an overwhelming response~

India's coveted objective of USD 5 trillion economy will remain unaccomplished if the 90% unorganised retail food business is not transformed into the formal segment, said Vivek Gupta, co-founder of Udaan - a B2B e-commerce app, Wednesday.

"Hurdles faced by those in the unorganised sector are about adding value, ensuring product accessibility and churning funds quickly," Gupta underlined on the first day of the two-day India Food Forum.

Citing a case study of an entrepreneur with 3 rice mills, Gupta lamented that there has been no efforts to brand and reach out with value addition like poha or rice flakes.

However, this comes even as India's agriculture exports doubled to USD 60 billion in 2022 from USD 30 billion in 2018, said Satish Thaker, Director - Brand Engagement, Elasticrun - a B2B rural Indian platform.

"The value conscious new age retail Indian consumer does not believe easily unless he checks technology to validate it," Thaker said.

Post-pandemic, the India Food Forum in its 15th edition received overwhelming response with several food products being launched along with active participation from retailers and food brands.

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