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MUMBAI: Even as the growth journey for most economies was fuelled mainly by manufacturing, Hindustan Unilever’s (HUL) CEO & MD, Rohit Jawa said the India story will equally be supported by the services industry.
Jawa, who delivered the keynote speech at the 188th foundation day celebration of the Bombay Chamber of Commerce & Industry (BCCI) here on Thursday, highlighted the ‘uniqueness’ of India’s growth journey and cited the key accelerators that will help the nation realise ‘Vision India@2047’ plan.
The final growth accelerator and unique differentiator, Jawa mentioned, is India’s growing domestic market and said, “While most growing economies, traditionally, depended on a large exports market, India is witnessing a rapid rise in consumption. This presents a huge headroom for growth and opportunities.”
According to the IBEF (India Brand Equity Foundation), as of 2022, India accounted for 55% of the world’s functioning Global Capability centres (GCCs). The number of GCCs in India has reached nearly 1,600 this year, and it is expected to cross 1,900 by 2025. The services sector, said Jawa, can be India’s answer to employment. Quoting data from NASSCOM, Jawa said GCCs set up by multinationals employ around 1.7 million people.
Jawa said the digital infrastructure has opened up possibilities for companies – to reach consumers and customers seamlessly with superior tailored services. He added that favourable demographics and the nation’s `Make in India’ drive will also provide impetus to its growth journey.
According to Jawa, the five key areas the nation needs to work on to make the India growth equation complete, include creating employment, boosting employability, women’s participation in the workforce, strengthening the rural economy and the need to be cognizant of the climate crisis.
“As a nation, we will have to perform the balancing act – balance growth with environmental sustainability, and ensure that this growth is inclusive and leaves no one behind,” Jawa said while adding: “We need to protect the planet and the people – in our value chain and also in communities in which we operate.”
Jawa, who delivered the keynote speech at the 188th foundation day celebration of the Bombay Chamber of Commerce & Industry (BCCI) here on Thursday, highlighted the ‘uniqueness’ of India’s growth journey and cited the key accelerators that will help the nation realise ‘Vision India@2047’ plan.
The final growth accelerator and unique differentiator, Jawa mentioned, is India’s growing domestic market and said, “While most growing economies, traditionally, depended on a large exports market, India is witnessing a rapid rise in consumption. This presents a huge headroom for growth and opportunities.”
According to the IBEF (India Brand Equity Foundation), as of 2022, India accounted for 55% of the world’s functioning Global Capability centres (GCCs). The number of GCCs in India has reached nearly 1,600 this year, and it is expected to cross 1,900 by 2025. The services sector, said Jawa, can be India’s answer to employment. Quoting data from NASSCOM, Jawa said GCCs set up by multinationals employ around 1.7 million people.
Jawa said the digital infrastructure has opened up possibilities for companies – to reach consumers and customers seamlessly with superior tailored services. He added that favourable demographics and the nation’s `Make in India’ drive will also provide impetus to its growth journey.
According to Jawa, the five key areas the nation needs to work on to make the India growth equation complete, include creating employment, boosting employability, women’s participation in the workforce, strengthening the rural economy and the need to be cognizant of the climate crisis.
“As a nation, we will have to perform the balancing act – balance growth with environmental sustainability, and ensure that this growth is inclusive and leaves no one behind,” Jawa said while adding: “We need to protect the planet and the people – in our value chain and also in communities in which we operate.”
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