Slowdown yet, but inflation and El Niño are risks: ITC's Sanjiv Puri

ITC Chairman Sanjiv Puri said there are no clear signs of an economic slowdown yet, but highlighted inflation and El Niño as key risks. In an interview with ET, Puri described plans for Rs 20,000 crore of medium-term investment across businesses, including hotel expansion. He emphasized that ITC aims for sustained margin expansion in FMCG of 80–100 basis points annually, and pointed to growth potential in nutrition-focused offerings and exports. Puri said India’s fundamentals remain strong despite global turbulence, citing policy measures such as income tax changes, GST rationalisation, and increased public capex. On inflation, he noted historical data suggests it can affect consumption, but said there is no evidence at present of a significant impact. Regarding El Niño, he said the government is proactive and mitigation is underway, while cautioning that it remains a factor to watch.