India remains fastest-growing economy; reforms key to momentum: HUL Chairman

India remains the world’s fastest-growing major economy despite a challenging global environment, and sustaining high growth will require continued reforms, investments and execution, HUL Chairman Nitin Paranjpe said on Tuesday.

Addressing shareholders at the 93rd AGM, India has demonstrated “structural resilience” at a time when global economies are grappling with geopolitical conflicts, climate volatility, tightening financial conditions and shifting consumer behaviour. “While growth expectations have moderated, India continues to be the fastest-growing major economy,” he said. India’s long-term growth prospects are supported by “three drivers”, which are favourable demographics, digital public infrastructure and a proactive policy environment.

According to Paranjpe, India’s young population can become a force multiplier for consumption, productivity and innovation, while the country’s digital public infrastructure has created a unique foundation for commerce, credit and financial inclusion at scale.

He also credited policy initiatives for creating a growth-oriented environment for businesses and consumers.

“This is infrastructure that no other large company or economy has built at this scale, and it creates the rails on which the next generation of commerce, credit and inclusion will run,” he said.

Over the recent reforms, Paranjpe said the Goods and Services Tax (GST) has helped spur a broad-based consumption revival.