Abstract

Indian economy is one of the largest emerging markets due to increasing population, rising per capita income and rapid urbanization. FMCG products touch every aspect of human life. Indian FMCG industry is the fourth largest sector in the economy and there is immense scope of growth in future as a result of changing lifestyle and consumerism. Due to liberalization, privatization, globalization and inflow of foreign direct investment, multi-national companies have shown intense competition to Indian companies especially in case of FMCG sector. In this globalized world, Indian companies have to come up with innovative products to capture the market share. Due to increasing brand consciousness and rising internet penetration, there is need of innovative marketing techniques and strategies to attract consumers towards Indian products and remain competitive to survive in the international market. Indian FMCG companies have to focus on core competency, modern and latest facilities and use state of art technology to ensure standard quality and value of the products. The companies need to plan innovative marketing strategies customized to the specific needs of Indian consumers, emphasizing on social and sustainable development. The paper discusses the overview of Indian FMCG sector, its future prospects and different innovative ways to establish Indian products that will accelerate the future growth of FMCG sector- an engine for economic growth.