Bangalore, August 21, 2023: The 19th edition of CII’s prominent India Innovation Summit ‘INNOVERGE’, “Impacting Global Agenda through Local Innovation” concluded today with deliberations around innovation and technology transformations in retail & commerce and Food and Agri.
Mr Arjun M Ranga, Immediate Past Chairman, CII Karnataka & Managing Director, Cycle Agarbathi & Director, NR Group shared that India stands as the world’s fourth largest retail powerhouse owing to its resilience in the retail and commerce landscape. Bolstered by rising middle-income households, increasing urbanization and connectivity with rural consumers, the sector has created an astounding 25 million jobs in just seven years. As India marches ahead, projections unveil a remarkable e-commerce surge of 350 billion by 2030, spurred by an anticipated surge in online customers, projected to reach a substantial 500 million in the years to come.
Mr Nitin Nair, Senior Vice President, Open Network for Digital Commerce (ONDC) said, “Through ONDC, we’re not just creating opportunities; we’re nurturing a culture of innovation where ideas flourish and businesses thrive. Our vision is a future where commerce knows no bounds, and the ONDC Protocol is the blueprint to make it a reality. We’re redefining the rules to ensure that everyone, regardless of their size or resources, has a fair shot at success in India’s digital commerce landscape.”
Mr Nitin Chhabra, Co-Founder & CEO, Ace Turtle reflected that resource constraints were a great driver for innovation, with many successful businesses arising out of such circumstances.
Mr Rabindra Srikantan, Managing Director & CEO, ASM Technologies Ltd said “The Indian retail landscape has flourished, propelled by e-commerce’s pivotal role. The pandemic turbocharged this, making online shopping the norm. Despite hurdles like logistics, retail and e-commerce are poised for growth, driven by changing consumer behaviors and tech advancements.”
Mr Sanjay Sharma, Chief Executive Officer, MTRFoodsPvt Ltd emphasized that Sustainability would be a critical dimension of innovation for the future that will lead in transitioning towards healthier and sustainable production & consumption.
Mr Prashant Parmeswaran, Chief Executive Officer, Tata Consumer Soulful Pvt Ltd opined “Innovation is stemmed from roots of change with India’s growth story that changes the order and hence the birth of large amounts of innovation. The international year of millets and innovation around the ecosystem is a clear sign of the need for change to build a better sustainable and healthier world in the coming days.
The 3 Day Summit being held between 17-19 August 2023 deliberated on 9 sectors – manufacturing; automotive & transportation; aerospace & space; tourism & hospitality; healthcare & Medtech; energy & sustainability; fintech; retail & commerce; foods & agri that are being transformed by technology and innovation, bringing together over 90+ speakers as well as presenting a technology showcase by startups, industry and institutions of higher education. With Government of Karnataka as the State Partner, the Summit is supported by some of the leading innovative companies including Kauvery Hospital, Kennametal India Ltd, 3M India Ltd, GE Aerospace, Software Technological Parks of India, Infosys Ltd, Apollo Hospitals, Virya Mobility 5.0, Tata Hitachi Construction Machinery Company Pvt Ltd, Volvo Group India Pvt Ltd, ASM Technologies Ltd, Hitachi Energy India Ltd, NR Group, NKP Empire Ventures, Boat, Invest in Bavaria and Kambar.