India's Quick Commerce Startups Poised to Go Global, Says Finance Minister Sitharaman Sitharaman additionally proposed that Prasar Bharati enhance its streaming capabilities to create an international-standard OTT platform.
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Union Finance Minister Nirmala Sitharaman on Friday hailed quick commerce as a transformative innovation that could position India as a global hub for inventive solutions tailored to modern urban needs. Speaking at the India Ideas Conclave 2024 in Bengaluru, she emphasized the potential of quick commerce to scale internationally, enabling Indian startups to emerge as major players in the global tech space.
"India's businesses, particularly startups in quick commerce, represent a one-of-a-kind innovation that only India has. This innovation can be used to brand India as a destination for modern, urban solutions," Sitharaman said. While acknowledging the challenges faced by traditional brick-and-mortar retail stores due to the rapid growth of quick commerce platforms, she stressed the importance of supporting these retailers while leveraging new-age models to expand India's economic footprint globally.
Her remarks come against the backdrop of ongoing debates over the impact of quick commerce platforms like Blinkit, Instamart, and Zepto on traditional kirana stores. Recently, the Confederation of All India Traders (CAIT) released a white paper accusing such platforms of undermining the survival of local retailers.
Adding to the discourse, Commerce and Industry Minister Piyush Goyal reaffirmed the government's commitment to regulating the e-commerce sector. He urged platforms to comply with India's laws, both in letter and spirit, particularly concerning foreign direct investment (FDI) rules.
Goyal also highlighted India's trajectory towards becoming the world's third-largest economy, saying that India has a stable currency, significant forex reserves of about $675 billion; which is among the top five globally, and remains prepared to meet global economic challenges. He further underscored the government's INR one trillion innovation fund aimed at fostering private sector participation in emerging technologies through public-private partnerships with academia.
Sitharaman additionally proposed that Prasar Bharati enhance its streaming capabilities to create an international-standard OTT platform. This platform, she suggested, could showcase India's rich radio, film, and TV content with high-quality subtitles for global audiences.
The conclave reflected the government's vision of blending tradition with innovation, signaling India's readiness to lead the global tech and innovation ecosystem while maintaining robust support for traditional sectors.
