India's youth greatest asset, time to build human capital for robust growth: HUL Chairman

New Delhi, June 22: India, which is the fastest-growing economy, can further fuel its growth journey if the leading enterprises and companies collaborate with the government to build a robust human capital, according to Hindustan Unilever Limited (HUL) chairman, Nitin Paranjpe.

According to him, India's young and growing working-age population could prove to be the country's greatest asset in its future growth journey. In parallel to creating jobs to absorb the growing population of the working age, "we need to ensure that our working age population is employable". While addressing the company's annual general meeting (AGM), Paranjpe called out four areas of focus: building strong foundational education, providing access to vocational training, continued efforts on re-skilling and upskilling as well as retaining talent in the economy.

"We believe that we are a microcosm of the nation and that our small steps in building human capital will one day make a big difference through a trickle down effect impacting our suppliers, our partners and the larger ecosystem," he noted. To further accelerate employment generation, the HUL Chairman said that as a nation, we need to incentivise sectors with higher job elasticity and cited the services sector as well as MSMEs as engines for creating jobs in the future.

"Share of employment generated by MSMEs in most developed nations is over 60 per cent while in India, it is about 45 per cent. We will need to tap the potential of these sectors and deliver on our vision of a more prosperous India, with no one left behind," he emphasised. Moreover, with thoughtful nurturing and development, this can unlock incredible rewards for India and Indians.

"It is our demographic dividend the human capital above all capital," said Paranjpe. He also highlighted the need to strengthen primary education across the country. "Technology can play an important role in educating and skilling those who missed the symbolic 'school' bus," he added, talking about the importance of a 'mindset shift' towards vocational training that will help in ensuring livelihoods for all and lifting the economy.