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India’s growth journey, which began prior to the pandemic, continues to be strong, said Nitin Paranjpe, Chairman, Hindustan Unilever (HUL).
“India needs growth that is not just transformative, but also inclusive — growth that is both productivity and employment led. Businesses need to take the lead in addressing the environmental and societal challenges that the world faces,” said Paranjpe. He was speaking at the company’s annual general meeting (AGM) on Thursday.
Integral part
Paranjpe stated that HUL has been an integral part of India’s growth journey, and “has always believed that what is good for India is good for the company.” He committed that the company will achieve carbon neutral emissions on its products by 2039.
Paranjpe’s comments come even as Indian consumers are battling record-high inflation, with an average 10 per cent year-on-year uptick in prices on packaged goods. Inflation is pinching consumption and FMCG companies have been trying to maintain margins employing price hikes through shrinkflation tactics. Analysts such as Edelweiss have noted that the market leaders’ strong fundamentals have remained intact, irrespective of inflation.
Sustainable growth
Stressing on the need for equitable growth, Paranjpe reinforced HUL’s commitment to building brands with purpose, building intelligent enterprises and environmental sustainability.
“At HUL, we are embedding sustainability across the value chain and beyond through what we call the ‘compass’ — our strategy to make sustainable living commonplace. We believe that ‘compass’ will help us deliver superior performance and drive sustainable and responsible growth. We are building technology muscle to serve our customers and consumers even better. We are determined to showcase that there can never be a trade-off between purpose and performance,” he said.
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