INSUBCONTINENT EXCLUSIVE:
Budget is expected to provide an impetus for growth with a vision to steer the economy.One thing is certain that the budget presented by the
Finance Minister is forward-looking
With some focus on short-term initiatives, the tabled budget is expected to provide an impetus for growth with a vision to steer the economy
the economy that will benefit the youth, women and farmers
Furthermore, the new generation is likely to be the base that will drive the Prime Minister's vision of a $5 trillion economy and the
government is strengthening this base to drive the agenda.Here are five announcements that will fuel the consumer sector.Support via Gati
ShaktiThe Prime Minister's Gati Shakti vision of transforming the logistics space will be quite beneficial for the consumer, retail and
The sector always faced a challenge due to high logistics cost and inefficient supply chains, which resulted in higher operating cost for
As compared to a global average of 8%, India's logistics cost is at 14% of GDP
The budget paves the way for expansion of highway network, initiation of Unified Logistics Interface programme, multimodal logistics park as
well as usage of railways system
Its efficient utilisation will definitely help in bringing more competitiveness and cost efficiency in the consumer sector
As per Grant Thornton Bharat's survey, 32% respondents wanted the government to enhance logistics and supply-chain efficiency.Direct
payment of MSP to farmersThe announcement of direct payment of Minimum Support Prices (MSP) into the farmers' accounts will improve their
effective earnings and add more muscle to the rural consumption
for 40% of the total fast-moving consumer goods (FMCG) market in India
all the food and beverage (F-B) companies in India
The Finance Minister's move to launch a comprehensive scheme for increasing the domestic production of oilseeds is a welcome move and will
result in reduced dependence on imports, thus, making the F-B sector more resilient.Extension of ECLGS schemeIndia's MSME sector
contributes to 29% of the India's GDP
Extension of Emergency Credit Line Guarantee Scheme (ECLGS) will further strengthen the ecosystem for them
Initiatives, such as National Skill Qualification Framework and Digital Ecosystem for skilling and livelihood, will help in making MSME's
This is also in line with Grant Thornton Bharat's survey wherein 54% respondents wanted more support on the skilling front.Extension of
Bharatnet ProgrammeThe government announcement on extension of Bharatnet Programme under public-private partnership (PPP) model in rural
areas will ensure higher internet connectivity further providing villages and rural areas with better access to digital initiatives
the e-commerce sector to sustain growth momentum.From all the initiatives announced, the government is definitely continuing with its agenda
intent of ease of doing business
On an overall basis, the implementation of these initiatives will help the consumer and retail sector in achieving its growth initiatives
