29 Aug India Best Market for E-Commerce Growth: Says Kris Gopalakrishnan, Infosys Co-Founder
With five of the top global IT services firms being Indian, India was the best market for e-commerce growth as the Industry was heading in the right direction, says, Infosys Co-Founder Kris Gopalakrishnan, on Sunday.
“With GDP hitting 7.5% and possibly 10% in some time, India is the best market for e-commerce growth. The increased mobile penetration will also help the Industry grow”, said Gopalakrishnan at an event in Bengaluru. The five Indian IT services firms are Tata Consultancy Services (TCS), Infosys, Wipro, HCL Technologies and Tech Mahindra.
Also nothing that India was a high growth market for the e-commerce business, thanks to its 1.2 billion people as consumers, the software major’s former chief executive said that that with increasing per capita income ($2000), their aspirations also increased.
“As the economy will double in the next ten years, the e-commerce industry will also grow”, he observed at a Panel Discussion on “Are Indian E-Commerce Firms heading in the Right Direction”, organised by Hurun Report India. Hurun Report, a monthly magazine, published by Luxembourg born Rupert Hoogewerf, whose Chinese name is Hu Run, has been ranking the wealthiest in China since 1999 under its “China Rich List”.
Hurun also presented Gopalakrishnan the ‘Most Respected Entrepreneurs 2016’ award for his contribution to Indian philanthropy, as a pioneer of technology, SMEs (Small and Medium Enterprises) and start-ups at its fifth edition of the meet in Bengaluru. The ‘Most Respected Entrepreneurs’ is the highest honour awarded annually by Hurun Report, which estimates the influence of Indian entrepreneurs in the past year.
Leading Jewellery maker Rajesh Exports Founder-Chairman Rajesh Mehta, consumer goods major TTK Prestige Chairman T. T Jagannathan, Clear Ventures General Partner Rajiv Madhavan were recipients of the ‘Indian Achievements’ award. Aries Group Chief Executive Sohan Roy was given the ‘Rising Entrepreneur – Media & Entertainment Award’. Bollywood singer Lucky Ali was honoured with the ‘Cultural Icon’ Award.
Participating in the discussion, Mehta said that Rajesh Exports became a Fortune 500 Company by following backward-integration, which helped it grow worldwide. “Globally, backward-integration has caught on because of technology development. Administrative Processes have become easier through technology, which will be a growth engine in the manufacturing sector” – he said. Chinese entrepreneur, Alex Tang, who featured in Hurun’s China’s Rich List, said that he would set foot into the Indian market, although he focussed only on the China Market in the past.
“Indian cities have an international appeal, and India is regarded as one of the highest potential markets. We will soon have a space business here”, he said.
About 200 entrepreneurs, chief executives and business leaders participated in the event, which provided a platform to develop, build and strengthen key B2B and B2C relationships, source new ideas and gather the latest business data. “By studying the country’s top entrepreneurs, promoters can gain insight into what makes a business successful. Some of them were able to turn a failing company around, while others incubated a start-up from an idea”, said Hoogewerf.
Hurun Report India, which began operations in 2012, serves as the country’s voice celebrating wealth creation and growth under Hurun India Rich List and Hurun India Philanthropy List.
“Our objective is to promote entrepreneurship, and India is one of the hottest markets, topping third after US and China”, said its head Anas Rehman Junaid.
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