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Our Bureau

New Delhi, July 9

The country’s fast moving consumer goods (FMCG) sector has defied the global economic slowdown and continued to grow at 10-12 per cent, according to a report on the FMCG sector released by Federation of Indian Chambers of Commerce and Industry (FICCI) and Technopak.

The report has also made wide-ranging recommendations to iron out the problems in the industry’s growth trajectory.

The FICCI-Technopak report has urged the Government to rapidly implement Goods and Services Tax (GST) which would replace multiple indirect taxes currently levied on FMCG products.

This would have several benefits including uniform, simplified and single point taxation which would reduce prices to the end consumer.

Mr Arvind Singhal, Chairman, Technopak Advisors Pvt. Ltd., said that FDI in retail would boost the FMCG sector.

He said, “Penetration of modern retail outlets would drive the growth for the FMCG sector.”

He added that little had been done to bring FDI into multi-brand retail and work needs to be done by the Government in this respect. While the current penetration of modern retail stores is a meagre 4 per cent, Mr Singhal expects this to grow to 17-18 per cent.

More Stories on : Foreign Direct Investment | Retailing | Other States

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