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Increased budget outlay on rural economy will generate more demand, say FMCG players
By Porisma P. Gogoi
New Delhi, Feb 3 (IANS) The government’s move to increase expenditure on food processing, infrastructure, healthcare and rural economy will generate more demand for the fast moving consumer goods (FMCG) sector, said industry players.
“The country has been through two muted years of growth after economic reforms like demonetisation and GST (Goods and Services Tax). Hence, from the Union Budget 2018-19, expectation was to see policies and steps to boost growth,” Harsha V. Agarwal, Director, Emami, told IANS.
“Infrastructure, education, healthcare and rural economy are the major beneficiaries from this budget, signalling more job creation and spending power in the hands of the largest population which will automatically help the FMCG sector by generating strong demand,” Agarwal said.
The various measures announced by the government will lead to increase in rural consumption, improve overall rural economy and have a trickling effect on the corporates, according to Sanjana Desai, Head of Business Development, Desai Brothers (Food Division – Mother’s Recipe).
Desai Brothers owns and manages the brand Mother’s Recipe — a food company which makes a vast range of pickles, pastes and ready-to-cook mixes.
“The Union Budget 2018-19 is largely positive for FMCG. As anticipated by the FMCG sector, government’s thrust on boosting the rural economy is welcome,” said Desai.
“Increased allocation under various schemes such as MNERGA (Mahatma Gandhi National Rural Employment Gurantee Act), rural infrastructure and others will not only increase rural income through employment generation by these projects but will also improve connectivity giving a boost to rural/agri businesses,” she added.
In the last full budget just presented by Finance Minster Arun Jaitley before the 2019 general elections, the government announced that it would spend more on agriculture, livelihood and infrastructure in the rural area and increased funds for crop insurance, rural roads, irrigation besides setting higher targets for farm credit.
With total budgetary outlay of Rs 2,01,933 crore for agriculture and rural development, the government has emphasised on development of food processing, dairy and fishery sectors to enhance farmers’ income.
The industry players also appreciated the Finance Minister’s move to reduce the corporate tax rate for all companies with turnover of up to Rs 250 crore, up from Rs 50 crore.
“We welcome government’s move to reduce corporate tax from 30 per cent to 25 per cent for companies with revenue of up to Rs 250 crore. This initiative will give a boost to company revenue and allow businesses like us to invest more in expansion leading to employment generation, which is a primary focus for the government,” said Oliver Mirza, Managing Director and CEO, Dr Oetker India.
Dr Oetker India is a German packaged food company which acquired the Fun Foods brand in 2008.
“This move will also provide a great stimulus to the government’s initiatives like ‘Make in India’ and ‘Startup India’. Tax benefits combined with increased allocation to the food processing sector will give a great impetus to the overall FMCG industry,” Mirza said.
(Porisma P. Gogoi can be contacted at [email protected])
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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