New Delhi, July 9 -- Nitin Paranjpe, Chairman of Hindustan Unilever (HUL), articulates a sentiment echoed by many leaders of global corporations: the pressing need for environmentally responsible growth. Addressing shareholders at HUL's 92nd AGM, Paranjpe spelt it out in unambiguous words: "While the government is taking significant steps, 'India Inc. must play a crucial role in ensuring this growth is inclusive and environmentally responsible".

Laudable and unquestionable as the sentiment is, it flies in the face of multiple external realities.

Unilever's own journey offers a stark illustration. A decade-long pursuit of sustainable growth, championed initially by former CEO Paul Polman and continued by his successor Alan Jope, has been...