At a time when India has emerged as the fastest growing economy, India Inc can partner and accelerate the country’s economic and developmental progress, said LV Vaidyanathan, CEO and MD, P&G India.

At an event organised by industry chamber FICCI on Monday, he said the industry’s effort combined with government support can be the key to driving demand and consumption. “The FMCG and retail sectors are poised to play a decisive role in propelling India’s economic growth in the years to come,” he said.

Stating that consumer confidence is on the rise, Vaidyanathan said consumer spending has made a rapid recovery post the pandemic. “The government continues to focus on the agriculture sector, which will be key to revitalising rural growth,” he said.

Vaidyanathan recommended the ‘ABCD’ — accelerating infrastructure, boosting innovation, curating partnerships and delighting customers — framework, which is at the intersection of India’s economic growth and business drivers for the corporate sector..

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He pointed to digital transformation as the foundation of economic growth. He explained how the company is leveraging digital platforms to reach a larger community of mothers to drive consumption for its Pampers diapers and Tide detergent.

To boost innovation, P&G is “leveraging the startup ecosystem” to find synergies, he added. Last year, P&G set up a ₹200-crore fund to help solve business challenges by fostering innovation and leveraging technology in collaboration with external suppliers. “P&G’s vGrow programme focuses on identifying and collaborating with startups, small businesses, and individuals. These partnerships help the company in delivering superior experiences to the consumers and continue to drive constructive disruptions,” Vaidyanathan said.

Dwelling on the theme of curating partnerships, he said India Inc has an unparalleled responsibility to drive progress in the country. “India was the first country to mandate CSR for the corporate sector, which is helping us scale our interventions for the community and drive equality, inclusion and sustainability. If I look at sustainability, India probably needs joint efforts by the industry now more than ever before,” he said.

Vaidyanathan added that Indian consumers are at an inflection point of socio-economic growth, and multiple shifts in habits, aspirations and expectations will emerge.

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