The upcoming budget for 2023-24 has sparked interest and anticipation among different industry sectors in India. As the country continues to recover from the impact of the pandemic, industry leaders are hopeful that the budget will address some of the key issues and challenges faced by their respective sectors.
In this report, we will take a closer look at some of the statements made by industry experts on the pre-budget 2023.
Manish Aggarwal, Director of Bikano and Bikanervala Foods Pvt Ltd, stated that despite the challenges faced by the FMCG sector this year, they have managed to grow with innovative product offerings, increased investment in e-commerce and D2C channels, and by providing food and snack options that their patrons love. He added that the budget should ensure a revival of demand in the economy, particularly in rural areas, to resolve post-pandemic supply chain disruptions and improve long-term supply chain efficiencies. Manish also emphasized the need to cool down some raw materials and inputs critical to the food FMCG segment, address the rising prices of packaging materials, rethink contract farming, and rationalize GST rates on FMCG products in the upcoming budget.
Maninder Singh, Founder & CEO of CEF Group, spoke about the government’s interest in boosting technology-based and chemical-free agriculture in India. He stated that the budget should cater to organic and natural farming, and urban farming. Maninder added that the government should subsidize organic manures, initiate farmer training programs, remove harmful chemicals from agriculture, and provide ease of licensing for bioproducts. He also emphasized the importance of revising the Fertilizer Control Order (FCO) provision and promoting urban farming in the budget.
Suyash Gupta, Director General of Indian Auto LPG Coalition, spoke about the rise in air pollution levels and the need for the government to take bold measures in the upcoming budget. He emphasized the need to incentivize OEMs to roll out LPG vehicles at economical rates and reduce GST on auto LPG and LPG conversion kits in the budget 2023-24. Suyash added that the government’s commitment to a cleaner and greener economy should be reflected in further stimulus to alternative fuel-based transport options in the upcoming budget.