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Suresh Narayanan, chairman and managing director of food giant and Maggi maker Nestlé India, on Wednesday focused on the challenges and dynamics of India’s consumer market during a fireside chat at the Growth Summit in Delhi. I guessed it. The event was hosted by YES BANK and CNBC-TV18, with Editor-in-Chief Shereen Bang moderating the discussion.
Recognizing the challenges of the ‘belly of the market’, Narayanan highlighted India’s strong long-term consumption story and emphasized the role of the middle and upper middle classes in driving consumption.
Narayanan pointed to a fundamental problem affecting consumption in India: food inflation. He expressed concern about the negative impact of rising inflation on consumer spending patterns and outlined the challenges faced by businesses, including Nestlé, in navigating these economic headwinds.
“There is no doubt that India will do well in terms of consumption in the long run.However, we need to recognize and address the hurdles, especially in the middle and upper middle classes. We need to recognize and address those hurdles,” Narayanan said.
Narayanan revealed that food giant Nestlé is facing higher inflation in 2023 compared to previous years such as 2020 and 2021.
“The business environment is evolving and businesses are navigating unprecedented inflationary pressures. Nestlé is experiencing the impact of rising inflation in 2023, but we are looking to mitigate these challenges and provide consumers with high quality products. “We are aggressively strategizing to maintain our commitment to delivering the best possible products,” he added.
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