Reckitt Contributes Rs 7,880 Crore To India’s GDP In 2021
India is among the top three markets for Reckitt, earlier known as Reckitt Benckiser
Anglo-Dutch multinational consumer goods company Reckitt has contributed 775 million pounds (Rs 7,880 crore) to India’s Gross Domestic Product (GDP) in 2021 and supported over 69,000 jobs, said a report from Oxford Economics. India is among the top three markets for Reckitt, earlier known as Reckitt Benckiser, and owns popular household brands such as Dettol, Lysol, Harpic, Durex, Veet and Strepsils.
Oxford Economics, which has published its independent analysis of the economic impact of Reckitt in India said it is a “high GDP multiplier”. “Reckitt has a GDP multiplier of 2.5, almost double that of the average chemical and pharmaceutical manufacturing company in India,” it said, adding, “That means for every Rs 1 million (Rs 10 lakh) in GDP Reckitt generated in 2021, its expenditure on inputs and wages stimulated an additional Rs 1.5 million in the local economy.”
The GDP of India in the financial year ended on March 31, 2022, was at Rs 147 lakh crore. Besides, over 95 per cent of Reckitt’s local procurement is with suppliers in India. Adrian Cooper, CEO of Oxford Economics, said: “Our research demonstrates the significant contribution that a large and successful global company like Reckitt can make to the Indian economy.”
Reckitt CEO Laxman Narasimhan said India is a great source of talent for his business and the local supply chain is key to success. “In line with the government’s ‘make in India’ campaign, 95 per cent of Reckitt’s local procurement is with Indian suppliers,” he added. Oxford Economic Papers is a global economic forecasting firm.