India’s multidimensional policy initiatives have enabled the country to emerge as the world’s fastest-growing major economy despite growing global uncertainty, ITC Chairman and Managing Director Sanjiv Puri said while addressing shareholders at the company’s Annual General Meeting earlier this week. 
Speaking at the AGM, Puri said the prolonged crisis in West Asia has had a significant impact on the global economy by affecting energy security and international trade. He said recent global developments have reinforced the view that volatility is no longer occasional but has become a structural feature of the global economic environment. 
Against this backdrop, Puri said the Prime Minister’s vision of Aatmanirbhar Bharat and Viksit Bharat has gained greater relevance. According to him, this vision has led to multidimensional policy interventions that have helped India maintain its position as the fastest-growing major economy globally. 
He further said the measures introduced through successive Union Budgets have laid a strong foundation for long-term economic growth. India’s progress, he noted, is not only reflected in faster growth compared to other large economies but also in its ability to combine economic reforms with stability, inclusion and resilience despite its size and diversity. 
Referring to his address at last year’s AGM, Puri recalled describing the prevailing business environment as the era of TURN, representing Turbulence, Uncertainty and Rapid Change. He said the situation has become even more evident over the past year as deeper structural shifts continue to reshape economies, businesses and societies across the world. 
According to Puri, these changing conditions require companies to adopt new strategies and rethink their approach towards future growth. He added that Indian businesses must not only prepare themselves to navigate this environment but also identify and capitalise on emerging opportunities as India’s global economic position continues to strengthen. 
Despite the challenging operating environment, Puri said ITC has maintained steady business performance over the medium term. He stated that the company’s net segment revenue has crossed INR 83,300 crore, recording a compound annual growth rate (CAGR) of 10.7% over the last five years, while EBITDA registered a CAGR of 9.7% during the same period. 
He also highlighted that the company’s non-cigarette businesses now account for nearly two-thirds of its net segment revenue, reflecting ITC’s continued diversification strategy. Over the past five years, the company has distributed nearly INR 85,000 crore to shareholders through dividends. 
Puri further said the ITC Group generated foreign exchange earnings of nearly USD 6.5 billion over the last five years, with agricultural exports contributing more than 60% of the total. He said this demonstrates the company’s contribution towards the rural economy through its agri-business operations. 
The company’s fast-moving consumer goods (FMCG) business has also expanded significantly. According to Puri, revenue from the segment has increased from around INR 14,720 crore in FY21 to more than INR 24,200 crore in FY26, supported by sustained improvement in profitability. 
Highlighting the company’s contribution to government revenues, Puri said ITC has consistently remained among the top three private sector corporates in India in terms of contribution to the exchequer. Over the last five years, more than 76% of the company’s value added, amounting to INR 2,30,000 crore, has accrued to the government. 
On future investments, Puri said ITC has already proposed a medium-term capital expenditure plan of INR 20,000 crore across businesses that have a multiplier effect on growth and employment. He added that after commissioning eight new facilities recently, the company has six additional projects in the pipeline. 
He also said ITC’s Bharat Built Manufacturing architecture has helped create manufacturing assets across its FMCG, Paperboards and Packaging, and export-oriented value-added Agri Processing businesses, strengthening the company’s domestic manufacturing capabilities and export competitiveness. 
Source PTI