India appears to be ‘silver lining’ amid global challenges: HUL Chairman

New Delhi: India appears to be the silver lining amid global headwinds and is poised to leapfrog into the future, but the country must address challenges like employment and agriculture productivity, said HUL Chairman Nitin Paranjpe.

Addressing the AGM of the company on Monday, Paranjpe said India has been the fastest-growing economy in the last decade and is touted to become the world’s third-largest economy by 2027, surpassing Japan and Germany.

It is emerging steadily from the shadows of being a poor nation, and taking ‘centre stage’.

“The country’s ambition of becoming a high-middle income country by 2047, when the nation celebrates 100 years of independence, is a definite possibility,” Paranjpe said in his speech titled Transforming to Win in the New India.

This would be led by factors like favourable demographics, rising consumption, enviable digital public infrastructure, investments and a culture of innovation and enterprise.

According to HUL Chairman, a growing young population can often translate into a growing economy, and India, with one of the world’s largest populations of youth, can reap the benefits of its demographic dividend in the years to come.

About 66 per cent of the country’s population today is below 35 years of age, with 40 per cent of the population in the age bracket of 13-35.

“The country is predicted to become home to one-fifth of the global workforce, making it a goto destination for employers from across the world,” Paranjpe said, adding “While the population of other developed economies is ageing rapidly, India’s population is expected to stay young for longer”.

Moreover, with this growing young population, India is also witnessing a significant rise in consumption.

This is helped by growing affluence, urbanisation and nuclear family structure. On India’s growth in digital space, Paranjpe said it is already the world’s largest and fastest growing market for digital consumers with over 750 million internet users, which is expected to increase to 900 million by 2025.

Moreover, he said, India is a favoured investment destination. The government policy decisions, including banking reforms, PLI schemes, FDI policy and implementation of GST and initiatives, such as Skill India and Digital India, provide a fertile ground for investors. (PTI)