Unilever CEO Fernando Fernandez has said India is emerging as one of the company’s strongest growth engines, powered by high GDP expansion and recent tax reforms, including the GST reduction. Calling the opportunities “massive,” he said both Unilever and Hindustan Unilever (HUL) stand to gain significantly from a more dynamic economic environment.
Speaking at a JP Morgan Fireside Chat, Fernandez noted that Indian consumption had been subdued for the past three years due to persistent food inflation, but the environment is beginning to stabilize. “The government has taken relevant measures — GST reduction, personal income tax cuts, lower interest rates. When governments act like this, it’s because the economy needs momentum, and that’s what’s happening,” he said.
The GST cut alone impacts nearly 40% of Unilever’s India portfolio, he added, calling it a “very significant” boost for the sector. Fernandez also pointed to India’s strong GDP figure of 8.2% in the last quarter, saying it reflects renewed economic confidence.
HUL continues to be Unilever’s second-largest market globally, contributing 12–14% of global sales, trailing only the United States.
Unilever has also strengthened its India leadership team as part of its renewed push for volume-led growth. Priya Nair has been appointed the new CEO of HUL, alongside two senior appointments from Hero MotoCorp and Britannia. Their mandate, Fernandez said, is to align HUL’s volume growth with India’s GDP growth trajectory.
Fernandez emphasized India’s vast consumption potential across income levels. “There are 60 million people with per capita incomes comparable to France, 700 million comparable to Southeast Asian economies, and another 700 million similar to East and West Africa. There is growth for everyone in India,” he said.
Expressing strong optimism about the road ahead, he added, “Our brands are perfectly positioned to benefit from what will be an explosion in wealth expansion. I’m super excited about India.”