Price hikes inevitable; looking at cost efficiencies: ITC Chairman
India and UAE have signed a comprehensive economic partnership agreement to boost bilateral trade at the ongoing expo in Dubai. On the sidelines of this mega event, Speaking to CNBC_TV18, ITC Chairman, Sanjiv Puri to understand the impact of this move on their business and the way forward.
India and UAE have signed a comprehensive economic partnership agreement to boost bilateral trade at the ongoing expo in Dubai. On the sidelines of this mega event, Speaking to CNBC-TV18, ITC Chairman, Sanjiv Puri to understand the impact of this move on their business and the way forward.
On price hikes, Puri said their strategy is to look at all elements of the mix rather than merely passing it on to the consumers.
He said, “We will look at cost efficiencies, we will look at assortments before we touch prices. I think the pressure on inflation, actually is going to unleash more innovation to manage costs, more creativity to manage costs. But given the magnitude of the impact, certainly price ultimately have to be passed on, but certainly after we have done whatever we can do.”
On Comprehensive Economic Partnership Agreement (CEPA) between the India and United Arab Emirates (UAE) Puri said, “We certainly echoed the optimism. I think the agreement certainly has, the CEPA has opened up tremendous opportunities for the industry, across a range of sectors and is another great opportunity for India.”
Puri said agriculture and food processing spaces will benefit the most from this agreement.
He said, “So that is a terrific opportunity to create food and nutritional corridors that are dedicated to meeting the requirements of specific markets. Food is a very local requirement so that is a tremendous opportunity. Similarly, there are opportunities in many other sectors so I am personally very optimistic, and I think it will add a lot of value to the economy.”
For full interview, watch the accompanying video.
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