Quick-commerce platforms—that is, those offering ultra-fast delivery of goods—are an important aspect of the emerging tech landscape in India. The Finance Minister argued that such startups represent an innovation that is one-of-a-kind, and only such new-age pioneer startups would turn India into a modern commerce leader. She asserted that while recognizing the challenges posed by quick-commerce to traditional brick-and-mortar retail, India must begin using the growth of such startups for improving its global business presence.
These quick-commerce startups represent an unprecedented innovation that will make India the global hub for inventive solutions of the future for urban needs,” said Nirmala Sitharaman, Union Finance Minister, speaking on Friday at the India Ideas Conclave 2024 in Bengaluru. “They will scale Indian businesses outward from India, using the deep India identity.”
The comments come at a time when the quick-commerce phenomenon has set off a debate in India, with traditional retailers – particularly kirana or grocery stores – raising alarm over the manner in which these platforms are eating into their businesses. Just last week, Confederation of All India Traders (CAIT) raked up criticism against companies such as Blinkit, Instamart, and Zepto for undermining local shops.
Despite this increase in competition, she clarifies that brick-and-mortar retail still has an essential role to play in India’s economy.
She called for continued support to help traditional retailers adapt to the evolving market. However, she also emphasized that quick-commerce should be seen as an opportunity to brand India as a leader in innovative urban solutions, capable of addressing the needs of the modern world.
In addition to her remarks on quick-commerce, Sitharaman proposed that Prasar Bharati, India’s national broadcaster, could expand its digital offerings by developing a Netflix-like streaming service. This service would have well-curated content, such as podcasts from radio shows, and a collection of films and TV shows with great quality subtitles for international viewers.
The India Ideas Conclave also featured remarks by Commerce and Industry Minister Piyush Goyal on the economic trajectory of the country. He emphasized India’s strong economic position, supported by impressive foreign exchange reserves and a solid currency.
Goyal also underscored the importance of research, innovation, and private sector participation in driving India towards its goal of becoming the third-largest global economy. He urged industries to utilize the government’s Rs 1 trillion fund aimed at fostering innovation in emerging sectors.
