India took 60 years since independence to become a one-trillion USD economy. The next trillion came in 7 years, and the final trillion in 5 years.
India’s pace of growth and rise to becoming the 5th largest global economy seems even more remarkable at a time when, by contrast, most nations are seeing a slowdown in their growth to low single digits.
Even more importantly, India has set itself an ambition to become a middle-income country, growing its economy to USD 10 trillion and grabbing the slot of 3rd largest economy by 2030.
HUL Chairman Nitin Paranjpe’s speech at the 91st Annual General Meeting
While addressing shareholders at the Company’s 91st Annual General Meeting, Nitin Paranjpe, Chairman, Hindustan Unilever Limited (HUL) said that the company joined hands with the government to make a significant impact that is required to achieve India’s growth ambition.
Nitin Paranjpe said, “In parallel to creating jobs to absorb the growing population in the working age, we need to ensure that our working age population is employable.”
“We believe that we are a microcosm of the nation and that our small steps in building human capital will one day make a big difference through a trickle-down effect impacting our suppliers, our partners, and the larger ecosystem”, he added.
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“We made significant efforts in creating a safe space for women workers on the shop floor. In the developing district of Hamirpur, we have women who make up 40% of our workforce. This had a ripple effect in the community- there has been a 55% increase in women cumulatively enrolling for technical programs and higher studies in schools, colleges, and ITIs in and around Sumerpur”, Nitin Paranjpe, Chairman, Hindustan Unilever Limited (HUL) further said.
To accelerate employment generation, HUL Chairman highlighted, “Nation, we need to incentivize sectors with higher job elasticity and cited the services sector as well as MSMEs as engines for creating jobs in the future.”
“Share of employment generated by MSMEs in most developed nations is over 60% while in India, it is about 45%. We will need to tap the potential of these sectors and deliver on our vision of a more prosperous India, with no one left behind”, he added.
He also stressed the need to re-skill and upskill the nation’s existing workforce and said, “We need to recognize that with a world that is changing at an unprecedented pace, we need to focus on continuous upgradation of skills in the existing workforce,” he said.
Pointing out the nation’s ‘brain drain’ phenomena, Paranjpe said, “There is a need to make India the ‘country of choice’ for highly skilled talent.” He said that the talent returning back to India will ‘enrich and diversify the talent pool, leading to greater innovation and effectiveness across various sectors.’
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To conclude, Paranjpe, reiterated the importance of human development in a nation’s journey and said, ‘We have to ensure that we not only progress on economic, but also on social indices… We have to, together, build an India that we can all be proud of. And we have to do it now.”
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