Union Budget 2024: FMCG Companies Bullish On Rural Development The announcements will go a long way in empowering rural women and enhancing the quality of life in rural India, thereby ensuring sustained demand for branded consumer goods
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Presenting the Union Budget 2024, Finance Minister Nirmala Sitharaman, emphasized on the importance of farmers/anna datas. The acknowledgement of farmers as 'Annadata' and the various schemes, such as PM-Kisan Samman Yojana and PM Fasal Bima Yojana, providing financial assistance and crop insurance, demonstrate a commitment to the welfare of the agricultural community. "We need to focus on the poor, women, youth and farmers/anna data. Their needs, aspirations and welfare are our highest priority. All four require and receive government support, their empowerment and well-being will drive the country forward," she said.
"The integration of 1361 mandis through the Electronic National Agriculture Market is a positive step towards creating a more efficient and connected agricultural ecosystem. This will not only benefit farmers but also contribute to the overall development of the rural economy. The comprehensive program for supporting dairy farmers, coupled with efforts to combat Foot and Mouth Disease, aligns with our belief in sustainable and inclusive growth. India being the largest dairy producer globally, the focus on enhancing productivity in the dairy sector presents a significant opportunity for the FMCG industry," said Manish Aggarwal, Director, Bikano, Bikanervala Foods Pvt Ltd.
The widespread adoption of Nano-DAP across all farming regions is a commendable innovation, empowering farmers and aligning our practices with environmental harmony, reflecting a conscientious approach within the FMCG sector. Moreover, the launch of the 'Atmanirbhar Oilseeds Abhiyaan' marks a pivotal step towards achieving self-sufficiency in oilseed production, showcasing our commitment to advancing self-reliance and sustainable practices within the FMCG landscape. "We commend the vision and intent expressed by the government through the interim budget proposals to create a pathway for inclusive and sustainable growth for India. As an FMCG player we support the vision that will empower different segments of society, making them partners in the growth journey. The government's focus on development is evident encompassing various social groups and people at all levels," said, Angshu Mallick, MD & CEO - Adani Wilmar.
The standout feature of the Interim Budget 2024-25 was its adherence to fiscal discipline, exemplified by the decision to cap Fiscal Deficit for FY2024-25 at 5.1 per cent. Notably, the government's enhanced capital expenditure to a robust INR 11.11 lakh crore lays the foundation for long-term economic growth. While not immediately pandering to populist impulses, the budget allocates significantly to infrastructure development and provides incentives for rural housing, agriculture, and fisheries. "The strategic decisions to enhance incentives for rural populace, particularly women, are expected to have a lasting positive impact, enhancing sentiments over the long term. The extension of healthcare coverage under Ayushman Bharat to ASHA and Anganwadi workers, and expansion of the 'Lakhpati Didi' scheme's target to 3 crore women are big positives this year, and will go a long way in empowering rural women and enhancing the quality of life in rural India, thereby ensuring sustained demand for branded consumer goods," said Mohit Malhotra, CEO, Dabur India Limited.