Addressing shareholders at the 93rd AGM, India has demonstrated “structural resilience” at a time when global economies are grappling with geopolitical conflicts, climate volatility, tightening financial conditions and shifting consumer behaviour.
“While growth expectations have moderated, India continues to be the fastest-growing major economy,” he said.
India’s long-term growth prospects are supported by “three drivers”, which are favourable demographics, digital public infrastructure and a proactive policy environment.
According to Paranjpe, India’s young population can become a force multiplier for consumption, productivity and innovation, while the country’s digital public infrastructure has created a unique foundation for commerce, credit and financial inclusion at scale.
He also credited policy initiatives for creating a growth-oriented environment for businesses and consumers.
“This is infrastructure that no other large company or economy has built at this scale, and it creates the rails on which the next generation of commerce, credit and inclusion will run,” he said.Over the recent reforms, Paranjpe said the Goods and Services Tax (GST) has helped spur a broad-based consumption revival. At the same time, the government is driving a massive infrastructure push, improving market connectivity.
He also pointed to the emergence of a “manufacturing renaissance” through initiatives, such as Make in India and Production Linked Incentive (PLI) schemes.
“India is no longer just assembling, it is designing, manufacturing and exporting,” Paranjpe said.
However, he also added that governments can only lay the foundation through infrastructure reform and policy.
“India Inc must partner the nation’s growth journey by stepping up investments in technology and in infrastructure, driving innovation and R&D, deepening manufacturing capabilities and leading the green transition,” he said, adding that “businesses will need to rethink what resilience means”.
The Hindustan Unilever Ltd (HUL) Chairman said Resilience today is about building better systems, supply chains that can shift when the route is disrupted, factories that can switch faster, sourcing models that can reduce dependence on any material or geography, and organisations whose people can work alongside technology.
In that area, HUL has been “building an interconnected ecosystem that brings together a consumer, customer, and operations with data, technology, and analytics”.
Paranjpe said HUL has built an AI-enabled ecosystem connecting consumers, customers and operations, with platforms, such as Sangam, helping optimise marketing spends through advanced analytics.
The company has also strengthened its distribution network through initiatives such as Nano DCs to cater to fast-growing channels, including quick commerce.
The company continues to focus on local sourcing and manufacturing resilience through projects, such as Nakshatra and technology-driven nano factories, while also pursuing premiumisation across categories, including beauty, personal care and home care.
Paranjpe said India’s consumer market is undergoing a structural transformation driven by e-commerce, quick commerce and evolving preferences, with consumers remaining value-conscious even as they increasingly adopt premium products and new formats.
Emphasising HUL’s commitment to India’s growth journey, Paranjpe said the company would continue investing in future capabilities despite near-term headwinds.
“India stands at a defining moment. A young aspirational population, digital infrastructure the world is taking note of, and a policy environment thinking in decades and not just cycles. The foundations are strong,” he said.