The Finance Minister presented the interim budget for the fiscal year 2024-25 on 1 February, and fast-moving consumer goods (brands) players have many things to say as they have welcomed the Interim Budget 2024.
Industry players believe that the government’s interim budget maintains continuity in policies, focusing on welfare and support for the ‘Garib,’ ‘Mahilayen,’ ‘Yuva’ and ‘Annadata’ (The poor, women, youth and farmers) augurs well for FMCG sector.
“Focus on schemes such as the PM-KISAN SAMMAN Yojana and PM Gramin Awas Yojana, signal robust support for agriculture, rural economies and increased spending,” said Mayank Shah, Vice-President, Parle Products said.
Despite an ambitious 5.1 per cent fiscal deficit target, the government’s commitment to maintaining tax rates underscores the focus on sustaining revenues for economic resilience.
“This year’s budget creates opportunities for the FMCG sector to enhance infrastructure and improve distribution, facilitating a more extensive reach into the rural market,” Shah added.
Additionally, Angshu Mallick, MD & CEO of Adani Wilmar, commended the government’s vision for inclusive and sustainable growth, particularly praising initiatives like the widespread adoption of ‘Nano-DAP’ in farming regions and the launch of the ‘Atmanirbhar Oilseeds Abhiyaan
Mallick stated that the Union Budget 2024 lays the foundation of inclusive growth that will lead to ‘Sabka Vishwas’.
“The next five years holds the promise of unprecedented development towards realising the dream of developed India @ 2047. The trinity of demography, democracy and diversity supported by ‘Sabka Prayas’ has the potential to fulfill aspirations of every Indian,” Mallick emphasised.
While expressing gratitude for the government’s emphasis on the initiatives in the Union Budget 2024-25, Manish Aggarwal, Director of Bikano, Bikanervala Foods, acknowledged the recognition of farmers as ‘Annadata’ and the commitment demonstrated through schemes like PM-KISAN SAMMAN Yojana and PM Fasal Bima Yojana.
Aggarwal highlighted that integrating 1361 mandis through the Electronic National Agriculture Market is a positive step towards creating a more efficient and connected agricultural ecosystem that will benefit farmers and contribute to the overall development of the rural economy.
“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,” He said.
