ITC gets future-ready as FMCG challenges grow

The company is looking to introduce new brands and venture into adjacencies faster than before in consumer goods

Diversified conglomerate ITC has a target to touch Rs 1 lakh crore by 2030 and it hopes to do this by riding the consumption boom in India. While the vision has  long been spelt by the management, challenges in execution remain. The pace of growth of the Rs 3 lakh crore fast moving consumer goods (FMCG) market is key.

A combination of demonetisation in November 2016 and introduction of the goods and services tax (GST) in July has ensured that the rate of growth of the domestic FMCG market has slowed in the last few quarters.

The country’s largest consumer goods company