What’s good for India is good for HUL: Chairman Nitin Paranjpe at 89th AGM

what’s good for india is good for hul: chairman nitin paranjpe at 89th agm
© Devika Singh What’s good for India is good for HUL: Chairman Nitin Paranjpe at 89th AGM

Nitin Paranjpe, the chairman of FMCG major Hindustan Unilever (HUL) on June 23 outlined the company’s goals going forward in India and stressed on the need for equitable and inclusive growth in India that is both productivity and employment led.

“HUL has been an integral part of India’s growth story over the years and has always believed that what is good for India is good for the company,” he said addressing the shareholders at HUL 89th Annual General Meet (AGM).

This was Paranjpe’s first AGM after taking over as the chairman of the company. As its parent Unilever undergoes major restructuring, HUL in February separated the positions of chairman of the board and the CEO and managing director of the company and appointed Nitin Paranjpe as its non-executive chairman and non-executive director, effective March 31. The company’s erstwhile chairman Sanjiv Mehta continues to serve as the CEO and MD of the company.

The India opportunity

Paranjpe’s speech titled ‘serving India today and tomorrow’ addressed the challenges of inequality of wealth, and poverty and said the India growth story needs to be built by transforming rural India, accelerating the growth of medium, small and micro enterprises (MSMEs), building strong infrastructure, creating a competitive edge in manufacturing, ensuring women’s participation in the workforce and deft management of the environment.

“One of the biggest drivers will be the transformation of rural India. Today, nearly 60 percent of the country’s population depends on agriculture, and yet, agriculture and allied sectors only contribute about 19 percent to the country’s GDP,” Paranjpe said.

According to the chairman, agriculture needs productivity-led growth, so that the sector can contribute significantly by improving output. “Hypothetically, we need to aim for 30 percent of those engaged in agriculture to produce what 60 percent or more do today.”

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