Ecommerce firms in India headed in right direction: Kris

Infosys Co-founder and Executive Vice Chairman Kris Gopalakrishnan on Sunday said that ecommerce companies in India are headed in the right direction, and affirmed that the country’s economy has the potential to foster success for such companies.

Addressing delegates during the panel discussion at the Most Respected Entrepreneurs Meet 2016, organised by Hurun Report, Gopalakrishnan said, “India is a high growth market for ecommerce business with about 1.2 billion people as consumers. With the increase in per-capita income, which is about $2,000 per person, aspirations also increase. In the next 10 years, the economy will double. With GDP hitting 7.5%, and possibly about 10% in future, India is most definitely the best market for ecommerce growth. The increased mobile penentration will also help this industry grow.”

Gopalakrishnan — who has also co-founded VC firm Axilor Ventures with Infosys colleague S D Shibulal, and others — also reflected upon entrepreneurship in India. “Valuations go up and down every day. If you are an entrepreneur, be ready  for it.”

Meanwhile, panelists also discussed the various trends that exist between Indian and Chinese entrepreneurship and wealth creation.

According to Hurun Report Chairman Rupert Hoogewerf said, “India is at No. 3 in wealth creation, behind the US (No. 2), and China. People often compare India with China — five years ago, India had 100 people counted in the rich list (people with a personal wealth of Rs 1,600 crore each or more), which has touched 350 today.”

“Presently, China has around 2,500 people in the rich list, with Beijing becoming the capital of super wealth creators, with 30% of all the billion-dollar wealth creators in the world emerging out of here. While pharmaceuticals and FMCG sectors created a third of the wealth in the rich list in India, with China, real estate and manufacturing created 50% of all wealth,” he said.