HUL chairman urges India Inc to drive inclusive, eco-friendly growth

India Inc must play a responsible role for "inclusive and environmentally responsible" growth of the country, even as the government is taking steps for that, HUL Chairman Nitin Paranjpe has said.

To become a developed nation, India should chart a path that prioritises economic growth alongside environmental sustainability and social progress, he said while addressing the shareholders in the 92nd AGM of the leading FMCG maker.

"While the government is taking significant steps, 'India Inc.' must play a crucial role in ensuring this growth is inclusive and environmentally responsible," he said.

In his speech titled Building a Winning Business in an Aspiring India', Paranjpe reflected on the evolving business landscape, noting that while India offers immense opportunities, it is equally important to address the challenges that accompany this growth.

The world today is characterised by "uncertainty and chaos," however Indian economy is continuing its growth journey.

"However, amidst this incomprehensibility, the Indian economy appears poised to continue its path to sustainable and inclusive growth," he said.

Paranjpe called period from 2014 to 2024 as the "decade of India's economic resurgence" which aligns with the vision of a Viksit Bharat' (Develope India) by 2047.

"Achieving zero poverty, quality education for all, affordable healthcare, meaningful skilled employment, and becoming the world's food basket are ambitious yet achievable milestones in India's journey to becoming an advanced economy," he said.

Elaborating India growth journey Paranjpe said several tailwinds will help achieve this, including a strong digital infrastructure, a conducive policy environment, and a burgeoning young population.

He called out India's Digital Public Infrastructure as one of its greatest future advantages, and hailed the Open Network for Digital Commerce (ONDC) for levelling the playing field for kirana walas and retailers across the nation.

At the same time, he mentioned that getting sellers and resellers to leverage e-commerce and improve India's e-retail penetration is a tall order.

Hinting towards growing premiuimisation, Paranjpe said the Indian consumer is evolving, seeking newer products, better experiences, and aspiring for more.

"As a business serving the needs of an ever-aspiring consumer and partner to a nation focused on its growth, we bear significant responsibility. The new India presents several opportunities that we can leverage to leapfrog into the future," he said.

Pranjape also added, HUL like other makers is witnessing 'unprecedented' technological advancements, where Artificial Intelligence (AI) is taking over everything from searches to product design to farming, bio-mimetic inspired design, driverless vehicles and Mars missions to science utilising bugs for cleaning homes.

"Technology is, and will continue to be, a primary driver shaping our future," he said, adding HUL is "building capabilities to cater to the needs of an evolving and aspiring India".

Simultaneously, the maker of popular brands as Rin, Lux, Surf Excel, Pond's, Dove, Horlicks, Bru, Lipton etc is also ensuring that its growth journey does not negatively impact the environment and leaves no one behind.