IS INNOVATION THE NEW AGE MANTRA FOR FMCG IN INDIA ?
Author: SHRI PRADIP P. CHATTERJJEE
Category: Human Resource Management
Abstract:
The Rs 130,000-crore FMCG (Fast Moving Consumer Goods) industry, which accounts for 2.2 per cent of India's national income, has realized that the only way to survive and grow in today's dynamic consumerism era, is to
keep “INNOVATING”.
Even though India has one of the lowest per capita consumption of FMCG products in the world, the stage is set for
that to change. With 60% of the country's population below 30 years of age coupled with an increased spending power
and knowledge and wanting a good living, FMCG companies have learnt that without innovation, their industry will be
left far behind. It is needed for overtaking their competitors in the current competitive scenario and the FMCG
companies in India are using these trends to their advantage.“INNOVATING” means “INVESTING” for the future — ahead of the competition. The FMCG companies out there
have understood this and is ready to play the game.
