India is now experiencing challenging economic conditions and requires skilled management: HUL chairman Nitin Paranjpe

NEW DELHI: Nitin Paranjape, chairman of Hindustan Unilever, said that the current macroeconomic situation is “probably the most difficult economic situation,” and that India will require some astute handling and a balancing act to ensure that growth does not stall while inflation is contained. Paranjape described the current macroeconomic situation as “probably the most difficult economic situation.”
During the 89th Annual General Meeting that was held online on June 23, Paranjape stated that India has been impacted by interruptions in the global supply chain that have occurred as a result of the epidemic and geopolitical tensions. “It is a fact that we are currently experiencing what is most likely the most challenging economic crisis. The rate of inflation is really significant, and there are now problems with the supply chain “he remarked.

“In India, we are getting to a position where we have now witnessed double-digit wholesale price inflation for 14 months in a row, and this issue is growing worse. I can’t remember the last time we came across something similar to that, “he continued.

The following are the most important points he made in his speech:

  1. The world is replete of seeming contradictions. There is a resounding call to address climate change, even as the use of green cover continues unabated; there is a pressing need for nations to work together, even as there is a general trend toward becoming more insular; and there is a precipitous rise in the number of people living in poverty, even as the wealthy continue to accumulate more wealth.
  2. Similar contradictions may be found in Indian culture as well. According to the World Inequality Report, the distribution of wealth in our nation is one of the most unequal found anywhere in the world. Despite being one of the largest food producers, our nation has a low ranking on the Hunger Index.
  3. Despite the difficulties, India is continuing to expand, and the IMF’s annual analysis indicates that it is one of the countries that is recuperating the fastest after the epidemic.
  4. The Atmanirbhar Bharat vision of the Prime Minister symbolises the nation’s ambition to go even further; combine this with the immense young strength in the nation, and we have the “formula to transition from a low-income nation to a middle-income one.”
  5. The growth that India achieves must not only be transformational but also equitable and inclusive (productive and employment led).
  6. Today. Agriculture is the primary source of income for just 19 percent of the population, although being responsible for 60 percent of the nation’s GDP. It is necessary to transfer individuals from the primary sector to the secondary and tertiary sectors.
  7. The expansion of India’s micro, small, and medium-sized enterprises (MSMEs), which has contributed to the country’s rising GDP and employment levels, has to be sped up.
  8. In order to secure complete development and to entice foreign investment, the infrastructure has to be improved. A significant step in the right direction have been taken by programmes such as “Housing for All,” “Smart Cities Mission,” and “Rs. 100 lakh crore plan for multi-model connectivity,” amongst others.
  9. Because India has a vast consumer market and a large pool of young workers, the country has to develop a competitive advantage in the industrial sector.
  10. India ought to take the initiative in driving the next generation of changes worldwide, particularly in the areas of green economy, international competitiveness, health and education, and also developing skilled and competitive labour markets.
  11. The country as a whole has to make efforts to boost the percentage of working women in the workforce. The gender gap in India is one of the largest at 20 percent, and the country has to get closer to the worldwide average of 45 percent.
  12. Unemployment, pollution, and a lack of access to clean water are just some of the urgent problems that India is now dealing with. The private sector bears a significant amount of responsibility for assisting the government in addressing the nation’s most pressing problems.
  13. HUL is committed to achieving growth that is steady, competitive, lucrative, and responsible. These are known as the “4Gs of growth.” It has begun a number of programmes to address a variety of issues, including employment, health, sanitation, and the lack of available water.
  14. HUL is implementing a number of new programmes in order to speed up the company’s transition to more sustainable growth. One of these programmes is the creation of an Intelligent Enterprise, which will ensure that the company’s communications with its customers will prioritise technology and be guided by data. It has pledged to achieve net-zero emissions for all of its goods by the year 2039 and to eliminate the use of chemicals produced from fossil fuels in laundry and cleaning products by the year 2030. It has achieved a 94 percent reduction in CO2 emissions per tonne and achieved plastic neutrality in the year 2021. Over 1.6 lakh women in 18 states have been able to achieve self-sufficiency with the assistance of the company’s “Shakti Ammas” initiative, which is designed to give micro-entrepreneurial opportunities to women. “Project Prabhat” will provide job skills to youngsters in the country, as well as women, individuals with disabilities, transgenders, and those who work in the sex industry.
  15. The organisation is also making efforts to create a workplace that is more welcoming to people of different backgrounds, including those of different genders, people with disabilities, and members of the LGBTQI+ community, and it is promoting leaders “to support equal advocacy, diversity awareness, and psychological safety.”

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