With the middle-class population in the country steadily expanding, Indian companies should constantly reinvent themselves to seize the opportunities the changes in the consumption cycle present, according to Harish Manwani, Chairman, Hindustan Unilever Ltd.

HUL, the country’s largest fast-moving consumer goods company, has adopted a five-pronged approach to remain future ready—embrace technology, commit to sustainable and responsible growth, build talent and capabilities, encourage purpose-driven leadership and create an agile and inclusive work culture — Manwani told the company’s shareholders at the 81st annual general meeting on Monday.

“Technology and easier access to information and knowledge have opened up employment opportunities, resulting in a new wave of people entering the consumption cycle.

“We are witnessing a significant increase in the earning power of consumers at the bottom of the pyramid as they join the increasing middle-class population in India,” he said.

“The traditional socio-economic pyramid is rapidly transforming itself into a diamond with a burgeoning middle class and a decreasing number of low-income consumers.”

The need for companies is to be able to seize the opportunities these changes present, and also protect themselves from the challenges of the VUCA (volatile, uncertain, complex and ambiguous) world, he added.

“At Unilever, we have ingrained agility and speed in our work culture.

“Equally, diversity and inclusion are an important aspect of our sustainable business growth agenda and a key to building a future ready organisation. In HUL, we refer to this as ‘Winning Balance’,” Manwani said.

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