“India has already seized the moment,”stated Hardeep Singh Puri, India's Minister of Petroleum and Natural Gas, and Minister of Housing and Urban Affairs, during a panel at the World Economic Forum (WEF).
Coca-Cola's James Quincey agreed, stating, "The Indian government has seized the moment.” Quincey made this remark during a panel discussion with three Indian union ministers at the annual global conference in the Swiss ski resort of Davos. He highlighted the substantial reduction in bureaucratic hurdles and the impressive strength of digital platforms in India. In addition, improved physical infrastructure, the electrification of rural areas, and the wide and rapid adoption of the unified payments interface (UPI) have all helped the growth story.
While India is poised to grow at 6-8%, the consumer industry is growing even faster, both volumetrically and in terms of revenues, according to Quincey. “The framework and platform is there for growth so I think it's about the private sector seizing the moment,” he said.
Coca-Cola, headquartered in Atlanta, US, isn't starting from scratch. India is already its fifth-largest global market. The company is significantly investing in the country, establishing new plants in Gujarat and Telangana, boosting advertising efforts, and introducing a ready-to-drink tea to cater to the chai-loving population.