India can be 'Viksit Bharat' with 8% growth and digital push, says HUL Chairman

Nitin Paranjpe, Chairman of Hindustan Unilever (HUL), said at the company’s 92nd Annual General Meeting today that as companies pursue growth, they must consider their environmental impact, as India is not insulated from global pressures.

Urging the corporate community to take concrete action against the climate crisis, Paranjpe said rising temperatures, irregular rainfall, drought, and floods are clear indicators of changing weather patterns and a call for action. "One-third of our nation’s GDP comes from nature-dependent sectors. It is estimated that the climate crisis could cost India between 6% to 10% of its national income by 2100, potentially pushing 50 million people back into poverty."

He said HUL has been an integral part of India’s growth journey, and "what’s good for India is good for the company." He added that the company has embedded sustainability across its value chain through its ‘Compass’ strategy, aiming to make sustainable living commonplace. This strategy leverages digital and data to become an intelligent enterprise, while maintaining a vigilant focus amidst stiff competition to continue delivering strong growth and returns.

Paranjpe said India remains one of the fastest-growing economies, with growth projected at 6.3% for the Financial Year 2025-26. "This aligns with the vision of a 'Viksit Bharat' by 2047…What India may have lacked in physical infrastructure, it is making up for with the kind of digital public infrastructure (DPI) it has created," he said.

The HUL chairman also spoke about India’s progress in digital commerce, highlighting the role of the Open Network for Digital Commerce (ONDC) in bringing sellers and buyers onto a single platform. "Projections indicate ONDC's e-commerce Gross Merchandise Value (GMV) is expected to grow to a massive 30%...potentially reaching USD 1 trillion… When ONDC achieves UPI's ubiquity, it will democratise commerce and foster inclusive growth," he said.

According to IMF data, India's GDP has more than doubled from $2.1 trillion in 2015 to over $4.3 trillion in 2025 and is projected to soon surpass Japan’s, becoming the fourth-largest economy.

"The period from 2014 to 2024 is being hailed as the decade of India’s economic resurgence. This aligns with the vision of a ‘Viksit Bharat’ (Developed India) by 2047, the nation's 100th year of independence. Achieving zero poverty, quality education for all, affordable healthcare, meaningful skilled employment, and becoming the world’s food basket are ambitious yet achievable milestones in India's journey to becoming an advanced economy," said Paranjpe.

He asserted that for India to achieve the "Viksit Bharat" vision, GDP growth must rise from 6.5% to over 8%. "Several 'tailwinds' will help achieve this, including a strong digital infrastructure, a conducive policy environment, and a burgeoning young population."