On Tuesday, Niti Aayog CEO Amitabh Kant said that E-Commerce had revolutionised the retail sector in India and will also play a crucial role in the country's growth in future as well.
He further said that the country's GDP will also witness an increase and result in more job opportunities as it is being driven by the growth in India's retail market. "E-commerce market has brought a revolution in India's retail sector and nobody can stop it now", he said at an event.
Recently, the Central Statistics Office (CSO), revised country's growth estimate for the full fiscal (2018-19) which showed a downfall from 7 per cent from 7.2 per cent. According to Kant, if India is planning to grow at a higher rate of 9 percent instead of current growth at over 7 per cent, then e-commerce market will have to play a major role.
On account of a healthy growth in organised retail sector, a report issued by Deloitte India and Retail Association of India, India's e-commerce market will touch USD 84 billion in 2021 from USD 24 billion in 2017. Kant is also of the view that even with the changing consumer behaviour, traditional retail market and modern retail market will co-exist in India.
However CAIT's Secretary General Praveen Khandelwal, speaking at the same event said, "The government should constitute the regulatory authority for e-commerce and cash on delivery service for e-commerce should be banned." He accused the current e-commerce of luring the customers by indulging in “predatory pricing, deep discounting and lose funding”.