Rural market $1.8 tn opportunity: HUL
Indicating that Hindustan Unilever (HUL) which sells almost 40 percent of its brands in the hinterlands will increase its focus on rural markets, the consumer goods major today called for convergence of urban and rural marketers so that prosperity spreads to the rural areas.
Describing rural India as a powerhouse which can even be bigger than the urban markets, HUL chairman Harish Manwani said, "rural India is an incredible opportunity of potentially adding USD 1.8 trillion to our economy, equal to current GDP."
Addressing shareholders at the 79th annual general meeting of the company here today, Manwani said, "it is often said there are two Indias--Bharat which exists in villages and India that thrives in urban areas. If we want to make a mark on the global stage, then these two Indias must converge."
Manwani further said, "We have an opportunity to create a thriving rural middle-class, even bigger than in urban India.
We need to build a new generation of leaders and entrepreneurs from villages who will help power the future of our nation."
He also said a new vision for agriculture will uplift millions of small farmers but added the country needs to look beyond agriculture and we need a strategy to provide rural India access to markets and technology, financial inclusion and human capital development.
Calling for improving agricultural productivity, he said, "if our agricultural growth can pick up to 4 percent as envisioned by the Planning Commission, the cascading impact that rural prosperity will have on the national economy could add
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