It is now a globally accepted principle that the food business is the best barometer of public sentiment. The food and beverage (F&B) industry at any given time accurately reflects the general economy and the mood of the people especially in cities and towns. People tend to eat out more often when they are happy, prosperous and have reasons to celebrate life.
Virag Joshi, CEO & President, Devyani International Limited
Eating out is also a mark of growing urbanisation. The story of the growth of the F&B industry in India has also mirrored international trends and while it has shown a consistent uptick, it has also experienced major challenges and barriers.
Many of the challenges to the industry have come with the package. Rising real estate costs, increasing rentals, prohibitive and ever-increasing employee costs, higher power tariff and costly raw materials have impacted the health of Indian F&B industry in a major way in recent times. Simultaneously, Indian consumers have become lot more demanding and quality conscious.
Globalisation has meant that the Indian consumer has not only experienced a variety of food choice, but an increasing number of home-grown and multinational brands are now within the neighbourhood. Hence, F&B players face much more competition.
In an environment of abundant choice and parity product, human resource is fast becoming a key differential. For instance, at Pizza Hut, KFC, Costa, Vaango and the food court outlets of Devyani International Limited, we have been acutely conscious about leveraging quality of manpower.
We not only select carefully, but invest equally carefully at the same time imparting world-class training starting from day one of a new employee's life to vocational skill-based learning intervention.
CEO & President, Devyani International Limited