India is a 'bright spot', will lead the next decade: N Chandrasekaran

Tata Consumer Products on 'transformative journey' to serve Indians, he says in company's annual report

India is a “bright spot” and will lead the next decade to define its role in the new world order, said N Chandrasekaran, chairman of Tata Consumer Products, in the company’s annual report for the financial year 2023-24 (FY24).

 “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. Geopolitical shifts are reshaping supply chains, while energy security and transition gain momentum. Artificial Intelligence (AI) is moving into the mainstream, boosting productivity and opening doors to novel product possibilities,” he said.

The world economy has displayed resilience and avoided a major recession or massive unemployment, but the outlook for global growth remains subdued.

“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, India is poised to lead the next decade,” he said. “Amidst this global backdrop, India is emerging as a bright spot, defining its role in the new world order.”

The Indian consumer market presents a “vast opportunity” that is driven by a young population, a growing middle class, urbanisation and increasing disposable incomes.

Tata Consumer Products is on a “transformative journey” to become a “complete” fast-moving consumer goods company to capitalise on “this tremendous opportunity and cater to the evolving desires of the Indian consumer”.

“Our strategic actions have been aligned towards this vision, and we have been making investments in key capabilities to scale for the future, including bolstering our sales and distribution network with a focus on building e-commerce and omni-channel orientation, embedding digital across the organisation, building out our supply chain with a focus on efficiency, resilience and agility, and building best-in-class innovation capabilities,” he said.

In his outlook for FY25 and later, he said, “I am bullish about our prospects and confident in our ability to navigate the evolving landscape successfully. We remain committed to executing on our strategic priorities, driving sustainable growth, and delivering value to our stakeholders.”