Executives representing leading FMCG companies have praised the Interim Budget 2024, displaying confidence in the government’s commitment to fostering inclusive and sustainable growth for India.
As Finance Minister Nirmala Sitharaman presented the Budget in Parliament on February 1, the industry views it as laying the foundation for inclusive growth, leading to ‘Sabka Vishwas’ (everyone’s trust). The synergy of demography, democracy, and diversity, supported by ‘Sabka Prayas’ (everyone’s efforts), has the potential to fulfill the aspirations of every Indian.
Sharing his reaction on the Budget 2024, Krishnarao Buddha, Senior Category Head, Parle Products said, “During its final budget presentation before the upcoming elections, the government’s strategic approach appears to be focused on empowering rural India.”
The budget emphasizes support for the underprivileged – ‘Garib,’ ‘Mahilayen,’ ‘Yuva,’ and ‘Annadata’ (the poor, women, youth, and farmers).
“With these initiatives, we can expect a good response from the rural markets for FMCG in the mid to long term,” Buddha said.
Angshu Mallick, the Managing Director and CEO of Adani Wilmar, expressed appreciation for the government’s commitment to transforming India into a developed economy by 2047. He particularly commended the innovative implementation of Nano-DAP in agricultural areas, highlighting its capacity to empower farmers and promote environmentally sustainable practices. Additionally, he recognized the significance of the ‘Atmanirbhar Oilseeds Abhiyaan,’ considering it a crucial initiative aimed at attaining self-sufficiency in oilseed production.
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Resonating the thoughts, Buddha said, “This interim budget signals a step towards an Atmanirbhar Bharat, reducing reliance on imports and boosting the rural FMCG sector. With no changes in direct or indirect taxes, it ensures continuity and simplicity for consumers. Overall, this budget is a positive step towards sustainable growth and empowerment.”
Further, highlighting the budget’s deep commitment to long-term economic growth, Aasif Malbari, CFO, Godrej Consumer Products Limited (GCPL) said, “Continuing the path of fiscal consolidation is a positive sign for overall economic growth, which has the potential to boost consumption patterns in the long run.”
Malbari also observed encouraging indicators for overall economic growth and praised the emphasis on improving connectivity and infrastructure, signaling positive prospects for India Inc, including the FMCG sector.
While appreciating the emphasis on post-harvest activities, Nano-DAP application, and the Atmanirbhar Oilseeds Abhiyaan, Manish Aggarwal, Director, Bikano, Bikanervala Foods said, “We believe that additional support for domestic manufacturing, particularly incentives for local production of raw materials and packaging through schemes like PLI for the food processing industry, could have further bolstered the FMCG sector.”
Demonstrating optimism regarding the interim budget’s potential to keep the fiscal deficit in check, Meghal Sheth, Chief Financial Officer of Mars Wrigley India, commended India’s robust economic growth. He expressed admiration for the diverse set of initiatives focused on promoting investments, advancing renewable energy, and championing sustainability. Sheth believes that the government’s ambitious push to enhance domestically produced goods will strengthen manufacturing capabilities, stimulate job creation, and foster comprehensive economic development.
Lauding the government’s commitment to realizing the vision of making India a Viksit Bharat by 2047, Saugata Gupta, MD & CEO of Marico, also expressed appreciation for the substantial increase in capital expenditure allocation, fiscal prudence, and the establishment of a corpus for low or nil-interest-rate loans to promote entrepreneurship and innovation.
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