BUILDING A WINNING BUSINESS IN AN ASPIRING INDIA
was the subject of the speech delivered by Nitin Paranjpe, Chairman, Hindustan Unilever Limited, at the
Annual General Meeting held on 30 June 2025.
BUILDING A WINNING BUSINESS IN AN ASPIRING INDIA
NAVIGATING THE NEW NORMAL
We live in a world of rapid and profound change. From VUCA (Volatility, Uncertainty, Complexity and Ambiguity), a term introduced in the 1980s, to BANI (Brittle, Anxious, Non-Linear, Incomprehensible) introduced in the 2020s, volatility continues to define ournew normal.
We are witnessing unprecedented technological advancements, from Artificial Intelligence (AI) taking over everything from searches to product design to farming, bio-mimetic inspired design, driverless vehicles and Mars missions to science utilising bugs for cleaning homes. Technology is, and will continue to be, a primary driver shaping ourfuture.
Climate change is another critical factor influencing our collective future. Its effects, alongside biodiversity loss, are already evident in uneven rainfall, increasing water scarcity, and zoonotic diseases. By 2049, the cost of economic damage due to climate change is estimated to reach USD 38 trillion per annum.
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Beyond these, we are seeing a significant shift from globalisation towards increased protectionism. Trade wars and armed conflicts have moderated global growth. In fact, the Organisation for Economic Co-operation and Development (OECD) recently revised global growth projections downward to 2.9% for both 2025 and 2026. Thriving in this turbulent world presents challenges, but also several opportunities fornations and businesses.
INDIA: GROWING AMIDST TURBULENCE
Despite global uncertainty and slowing growth, India remains one of the fastest-growing economies, projected to grow at approximately 6.3% during Financial Year 2025-26. According to IMF data, India's GDP has more than doubled from USD 2.1 trillion in 2015 to over USD 4.3 trillion in 2025, and projected to soon surpass Japan's, and become 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
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becoming an advanced economy. To reach these, we need to boost our GDP growth 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.
The Digital Differentiator:
What India may have lacked in physical infrastructure having missed out on the first, second and third industrial revolutions the nation is making up for during the fourth Industrial Revolution with the kind of digital public infrastructure (DPI) it has created. Countries worldwide are seeking to replicate India's open network models, such as Aadhaar and UPI. Indeed, digitisation and the nation's DPI could be its greatest future advantage.
For example, India is advancing in digital commerce through the Open Network for Digital Commerce (ONDC). ONDC operates on the same principles as other DPI frameworks, aiming to bring sellers and buyers onto a single platform creating opportunities for all. From local 'kirana walas' to the largest retailers, everyone can leverage the network, allowing consumers to choose freely, levelling the playing field like neverbefore.
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