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The Government of India has been working hard to strike a balance between the interest of the consumer and the interest of business. This isn’t a statement that I’m making here, but it’s something that has come from the top.
Whenever Honourable Prime Minister Narendra Modi chairs our meeting, the conversation comes back to the ease of doing business. The Honourable Prime Minister pushes us and tells us not to be an impediment, but a facilitator for those who abide by the norms. These small and large firms are a massive asset for India, as they ensure and drive our economy.
The Indian retail industry is estimated to be valued at $800 billion, and it will only continue to grow. The Honourable Prime Minister has also said that the next 25 years belong to India i.e., the period between 2022 and 2047 – or until we complete 100 years of independence. He has also stressed on the need to work as a team, and when he means team, he means all the people of India working together. By doing so, we will achieve where we want to reach by 2047.
While studying at Harvard, I was taught the five Ps in business i.e. product, price, promotions, place, and people. However, when I work with the government, I realise that an additional P plays a key role and encapsulates the five Ps. This P is Protecting the Consumer, and this is paramount for any business to thrive.
Now, when we focus on the Five Ps, these are the things we take into consideration
I’ll be the first to admit that sometimes we tend to be prescriptive to the industry while keeping the customer’s interest in mind. This is when retailers worry that the government will become an impediment. Fortunately, we frequently engage in dialogue and resolve all the issues, which has created an interesting dynamic between the Central Government and the retail industry.
I also believe that as long as this dialogue continues in a positive and peaceful manner, with a common agenda to find a solution to our problems, then we will always be on the same page, thereby enabling business growth.
I’m also proud to inform that India is hosting and leading the G20 summit for the year 2023. This sets a precedent and helps us showcase India as a global leader. With several countries coming to India during the time, we will also see India grow as a tourist destination, which means good news for the retail industry
My professor Michael Porter taught me a concept at Harvard called the microeconomics of competitiveness. This means that 1-2 big names should not be the sole reason for a nation’s success. In order for a nation to succeed, everyone – the big and small – should do well. This is a joint responsibility of both the government and the retail industry. As long as you comply by the rules and keep the customer’s best interest in mind, then the government will not be a regulator, but a facilitator.
The author is Secretary, Department of Consumer Affairs, Government of India
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