Commerce & industry, consumer affairs & food & public distribution and textiles minister Piyush Goyal unveiled the latest figures for the ‘Indian Consumer Research & Insights Industry’ at Market Research Society of India’s (MRSI) 30th Annual Market Research Seminar held in Delhi on 17 and 18 November 2022. The minister graced the event as the chief guest.
MRSI is India’s foremost industry-led market research body that guides, encourages and upholds the highest quality standards of professionalism for all those who use, need, generate or interpret insights/data in the market research industry. Inspired by the idea of ‘Contemporising Your Roots’, MRSI’s seminar hopes to further growth for the sector by bringing together the best minds from across the industry.
Unveiling the growth figures at MRSI’s 30th Annual Market Research Seminar, and talking about the surveys taken by the industry, Piyush Goyal said that the entire market research industry in India has matured significantly in the last few years. There’s a lot more use of technology, more analytical skills and AI being used. He opined that the industry can come up with insightful researches on areas concerning commerce and industry for example which areas one should be investing in, where the export markets are or where a plant should be located ideally.
“Given the complexities of a large and diverse nation like India, we must adopt technology intelligently, smartly and make sure that we don’t lose the essence of our work in the outcomes. The market research should have real resonance on the ground,” he pointed out.
He emphasised that India has a huge potential to digitise as much as possible especially the surveys. If language skills are improved along with the tools of analysis the companies will be able to compete better for the developed markets.
Hindustan Unilever Ltd. global insights director and MRSI president Manish Makhijani commented, “Firstly, we thank Hon’ble minister Shri Piyush Goyal for taking time out, unveiling the report and addressing our industry colleagues. India is on a steady growth track when it comes to the research and insights industry. It is encouraging to witness India gain a position of pride in the global sector. We are positive that the sector will continue to drive overall growth as we step towards achieving the vision of becoming a $30 trillion economy over the next 30 years.”
The executive summary of ‘The Indian Research & Insights Industry Report 2021’ is available on MRSI website.