National
Budget to spur consumption, drive growth: Britannia chief
Bengaluru, Feb 2 (IANS) The Union Budget for 2018-19 provides a springboard to spur consumption and lead to faster growth across sectors, said FMCG major Britannia Industries MD Varun Berry on Friday.
“As the Budget is focused on infrastructure, rural development and huge employment generation, it becomes a springboard to spur consumption and lead to faster growth across sectors,” he said in a statement here.
With the expenditure projected to grow at 10 per cent during the year, Berry said development spending was expected to grow faster at 13-14 per cent, especially on affordable housing at 30 per cent and railways at 22 per cent, and these sectoral spends could generate huge employment, “resulting in a healthy and sustained consumer economy”.
Noting that corporate tax reduction to 25 per cent from 30 per cent for MSMEs with up to Rs 250 crore annual turnover, would have a positive impact on the industry growth trajectory, Berry said large companies, however, would have to wait longer though they account for about 90 per cent of tax collection.
“The government’s resolve to improve tax compliance is bearing fruit, as evident from the personal tax collection contributing 3.3 per cent to the GDP, which is more than the corporate income tax at 2.8 per cent of the Gross Domestic Product,” he said.
Berry however said that the proposed increase in Minimum Support Price (MSP) by 1.5 times will improve farmers earnings but may lead to unidentified inflation if it is not carefully managed.
Intuit India Managing Director Nikhil Rungta said the 5 per cent reduction in corporate tax would allow MSMEs easier access to working capital needs.
“MSMEs are the major engine of growth and employment generation. The Budget provides them easier access to working capital needs and highlights the role of online fintech lending firms,” said Rungta in a statement.
With the Goods and Services Tax (GST) coming into force since June 1 last year, Rungta said the MSME sector was still adapting to the next tax regime.
“Of the 51 million SMBs (small and medium businesses) across the country, about 20 per cent of them are digital-savvy. As the government is supportive of making the country digitally tax-compliant, the Budget will help the SMBs adopt better fintech solutions,” he added.
L&T Infotech Chief Exeuctive Sanjay Jalona said the Budget gave emphasis on healthcare, agriculture, education and research.
“Use of technology in delivering education and focused research in technologies like Blockchain, AI, Big Data, IoT and Robotic will create opportunities for the IT sector to contribute in making of a new India,” he said in a statement here.
Jalona also said that the return of long-term capital gains was anticipated and the Budget has brought it in a calibrated manner, adding that it was “overall a good Budget, (but) the execution remains key and to be watched for”.
–IANS
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Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.
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