AI is opening doors to novel product possibilities: N Chandrasekaran

Highlighting the significance of artificial intelligence (AI), N Chandrasekaran, chairman, Tata Consumer Products (TCPL), states that AI is boosting productivity and opening doors to novel product possibilities.

"Artificial Intelligence (AI) is moving into the mainstream, boosting productivity and opening doors to novel product possibilities,” says Chandrasekaran in TCPL’s annual report for FY24.

Chandrasekaran observes that India is poised to lead the next decade. India’s consumer market presents a vast opportunity, driven by a young population, a growing middle class, rapid urbanisation, increasing disposable incomes and rising aspirations. He notes that India is emerging as a bright spot, defining the world order. “The Indian economy has shown resilience and adaptability, even in the face of global headwinds. Supported by strong balance sheets, a healthy banking system, favourable corporate tax rates, a thriving capex cycle and a robust public digital infrastructure,” says Chandrasekaran.

“India’s consumer market presents a vast opportunity, driven by a young population, a growing middle class, rapid urbanisation, increasing disposable incomes and rising aspirations,” the chairman adds.

Meanwhile, Chandrasekaran notes that while navigating through the challenges of the past year, it becomes imperative to acknowledge the changing global landscape.

“As we navigate through the challenges of the past year and set our sights on the future, it is imperative to acknowledge the challenging global landscape we operate in. From the recent pandemic to ongoing geopolitical tensions, the world is facing a period of uncertainty. Geo-political shifts are reshaping supply chains, while energy security and transition gain momentum,” he says.

“On the economic front, despite initial recession fears, the global economy has displayed resilience, avoiding major recessions or significant spikes in unemployment,” Chandrasekaran adds.

Highlighting TCPL’s progress in FY24, Chandrasekaran says, “In our efforts to reach more consumers, we made significant progress in expanding our Sales & Distribution network, now reaching a total of 4 million outlets. This represents a remarkable two-fold increase since 2020.”

Chandrasekaran remains optimistic for FY25. "I am bullish about our prospects and confident in our ability to navigate the evolving landscape successfully. We remain committed to executing our strategic priorities, driving sustainable growth and delivering value to our stakeholders,” says Chandrasekaran.