Hindustan Unilever (HUL), an Indian consumer goods company, reportedly released a statement saying companies can help increase financial inclusion because they “have a wider distribution network than any government agency as our products reach almost every village in the country.” HUL Chairman Mr Harish Manwani reportedly called for a new focus on agricultural productivity and a strategy to provide rural India access to markets and technology, financial inclusion and human capital development. It is estimated that increasing agricultural productivity by four percent could raise the country’s gross domestic product (GDP) up to two percent. Finally, Mr Manwani suggests creating 50 rural-urban hubs, or villages that are one hour or less from a city, that could support rural areas and grow into big markets in the future.
HUL is reportedly working with small-scale tomato farmers in the Indian states of Karnataka, Punjab and Maharashtra to aid them in adopting sustainable agricultural practices.
HUL is a subsidiary of Unilever, a British-Dutch consumer goods company. In 2011, HUL reported sales of EUR 46.5 billion (USD 57 billion).
By Charlotte Newman, Research Associate
Sources and Additional Resources:
Economic Times: “Retail Network of Companies Can Help Achieve Financial Inclusion: Hindustan Unilever,” http://articles.economictimes.indiatimes.com/2012-07-23/news/32804788_1_financial-inclusion-focus-on-rural-markets-rural-areas
MicroCapital.org story, August 6, 2012, “MICROCAPITAL BRIEF: Insurance Regulatory and Development Authority (IRDA) of India Proposes Shop Owners be Allowed to Sell Microinsurance,” https://www.microcapital.org/microcapital-brief-insurance-regulatory-and-development-authority-irda-of-india-proposes-shop-owners-be-allowed-to-sell-microinsurance/
MicroCapital.org story, July 26, 2010, “MICROCAPITAL BRIEF: Microfinance Institution Village Financial Services Private Limited (VFS) Partners with Hindustan Unilever Limited (HUL) to Improve Access to Safe Drinking Water via Microloans in India,” https://www.microcapital.org/microcapital-brief-microfinance-institution-village-financial-services-private-limited-vfs-partners-with-hindustan-unilever-limited-hul-to-improve-access-to-safe-drinking-water-via-microloans-in/
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