Must share benefits of capitalism in an equitable way, says HUL boss Sanjiv Mehta

Benfits of capitalism should be shared equally, said Sanjiv Mehta, CMD of Hindustan Unilever Ltd (HUL), on Monday.

Mehta was talking at the World Congress of Accountants in Mumbai, hosted by the Institute of Chartered Accountants of India. This is the first time the event is being held in India. This year's theme is 'building trust enabling sustainability'.

Mehta said at present, we live in conditions where volatility and uncertainty has become commonplace and this is not the first or the last crisis humanity would face.

World economy has been taking hits over the last few years, starting with the COVID-19 pandemic, then the impact of the Russia-Ukraine war leading to rising inflation. Dealing with these issues aside, combating climate change has also been a top priority, as developing countries are mostly the ones paying the price for it.

The HUL boss said that climate change is the biggest concern looming over humanity at present. "India is committed to reducing emission intensity of a GDP by 45 percent by 2030," he said, adding that the blessings of capitalism should be shared in an equitable way.

Mehta said businesses need to create value, not just for shareholders, but also for stakeholders across the value chain. He said businesses are increasingly adopting an integrated approach towards sustainability.

Earlier at the event, HDFC Chairman Deepak Parekh said that India too, like the rest of the world, will face some slowdown, despite remaining among the fastest growing major economies in the world.

"India is not decoupled from the world and India too will face some slowdown. But there is a consensus across the board that India will still remain among the fastest growing major economies in the world. The GDP growth for 2022 may be slightly lower than 7 percent, but that is no reason for disappointment. What is important to note is the inherent resilience that is now embedded in the Indian economy," Parekh said.