Mumbai: In a dynamic era of economic evolution, diverse brands are at the forefront of driving change, fostering empowerment, and shaping a sustainable future.
As the Union Budget 2024 sets the stage for a transformative journey, these brands stand at the forefront, not merely as entities but as catalysts driving change across industries. From championing sustainability to fostering inclusivity, each brand becomes a brushstroke painting a portrait of a progressive and dynamic India.
Here are the diverse outlooks shared by prominent chiefs of various brands
Adani Wilmar MD & CEO Angshu Mallick
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. This will lead to India emerging as a developed economy by 2047. 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.
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 have been investing in oilseed crushing facilities over the years. At present, Adani Wilmar possesses a crushing capacity of 1.20 million metric tons in Soya whereas in mustard seeds crushing, with existing and forthcoming facilities it’ll amount to 0.70 million metric tons.
Overall, the Union Budget 2024 lays the foundation of inclusive growth that will lead to ‘Sabka Vishwas’. The next five years hold the promise of unprecedented development towards realizing the dream of a developed India @ 2047. The trinity of demography, democracy and diversity supported by ‘Sabka Prayas’ has the potential to fulfil the aspirations of every Indian.
Cycle Pure Agarbathi managing director Arjun Ranga
“We are elated to witness the government’s dedication to women’s empowerment. Our workforce, predominantly comprising women, stands as a testament to the impactful contributions they make to our success. This budget not only recognizes but reinforces the crucial role women play in the workforce.”
Furthermore, Ranga expresses contentment with the government’s focus on MSMEs, noting their crucial role in the global market. He applauds the prioritization of training programs for MSMEs, enabling them to compete on a global scale. Optimistic about the future, he remarks, “The government’s commitment to enhancing the competitiveness of MSMEs through strategic training initiative sets the stage for a promising future. We foresee a brimming future for both women empowerment and the MSME sector.”
He further commented, “We appreciate the government’s commitment to solar power generation, aligning with our organization’s sustainability focus. Additionally, the government’s initiative to expand existing airports and develop new ones this year will benefit businesses, facilitating smoother operations and exports.”
Peps Industries managing director K. Madhavan
It is admirable that the government is dedicated to helping Micro, Small, and Medium-Sized Enterprises (MSMEs). The competitiveness of the industry would be improved by providing MSMEs with training, pertinent technologies, and timely funding.
It’s a necessity that the government is focusing on Digital Public Infrastructure that represents a significant stride forward, with the potential to revolutionize the economy. By formalizing the economy and investing in the e-vehicle ecosystem, we anticipate a more efficient transportation network, leading to a quicker turnover of goods. This strategic approach not only promises cost-effective transportation but also sets the stage for increased productivity and competitiveness within the industry. These steps strengthen our capacity to provide premium goods and services at reasonable costs.
Godrej Tyson Foods Ltd (that owns Godrej Yummiez – a ready-to-cook frozen foods brand and Real Good Chicken) CEO Abhay Parnerkar
The union budget emphasized an increased commitment to bolstering the food processing sector, in line with the overarching objective of bolstering support for farmers and post-harvest activities. This will entail enhancing infrastructure for contemporary storage, supply chains, and distribution, with infrastructure development being a primary focus. The budget places significant emphasis on improving transportation and logistics. The enhanced connectivity will empower food and frozen food companies to efficiently deliver products to the marketplace and pass on cost benefits to consumers.
Virgio founder and CEO Amar Nagaram
FM Sitharaman, in the interim budget announcement, encapsulated the remarkable growth witnessed by the nation in the last six years. Noteworthy initiatives such as green India initiatives, technological advancements, and startup-friendly budgets, including PM Mudra Yojana, which approved 43 crore loans totalling Rs 22.5 lakh crore for the entrepreneurial aspirations of the youth, have played a pivotal role in the country’s economic progress. Additionally, schemes like Fund of Funds, Startup India, and Start-Up Credit Guarantee have significantly contributed to the advancement of our youth.
FM Sitharaman emphasised a golden era for tech-savvy youth, introducing a corpus of Rs 1 lakh crore with a fifty-year interest-free loan. This corpus aims to provide long-term financing or refinancing with extended tenors and low or negligible interest rates, fostering research and innovation in sunrise domains within the private sector. This move is particularly beneficial for D2C startups in India.
The circular aspect of Virgio aligns with the broader vision outlined in the budget, striving to create an ecosystem where sustainability and innovation coexist. We eagerly anticipate contributing to this transformative journey by utilising technology and research to shape a fashion industry that not only upholds the highest standards of quality but also champions environmental responsibility. The proposed measures will undoubtedly inspire and empower fashion brands to further integrate circular practices and innovative technologies into their business models.
Greendot Health Foods Pvt. Ltd. managing director Vikram Agarwal
The Interim Budget 2024-25 presented by FM Nirmala Sitharaman has brought positive news for the FMCG and retail sectors in India. The threshold for presumptive taxation in retail businesses has been increased, the corporate tax rate dropped and new manufacturing companies enjoy a reduced rate. These measures create a favourable environment for the retail sector, supporting business growth and economic stability”.
BN Group managing director and CEO Anubhav Agarwal
“FM Sitharaman’s Interim Budget holds promise for the edible oil industry. The continued focus on ‘Atmanirbhar Oil Seeds Abhiyan’ with its emphasis on research, technology adoption, and market linkages is a welcome step towards self-sufficiency. This, coupled with the increased capital investment outlay, paints a promising picture for rural development and increased consumption, both of which directly impact our industry’s growth. However, the success hinges on the swift implementation of these initiatives. Streamlining access to high-yielding seeds, ensuring timely procurement at remunerative prices, and facilitating value addition, crop insurance are crucial for farmers to truly benefit. Additionally, sustaining the reduced import duties on key edible oils while strengthening domestic production can create a win-win situation for consumers and industry players.
Overall, the budget lays a strong foundation towards self-reliance, but industry collaboration and swift execution will be key to translating vision into reality. We, in the edible oil industry, are optimistic and committed to contributing to a truly ‘Atmanirbhar’ edible oil ecosystem for India.”
Eliea Wellness director & co-founder Sanjeev Ingti
In the wake of our budget allocation, we strive for fiscal responsibility and strategic investment. This budget reflects our commitment to fostering growth, innovation, and societal well-being. By prioritizing key sectors, we aim to create a resilient economy that serves all citizens. Every Rupee spent is a step towards a brighter future, addressing pressing needs while laying the foundation for sustainable progress. We understand the responsibility entrusted upon us, and we pledge transparency and accountability in executing this budget. Together, we embark on a journey to build a stronger, more inclusive society, where the dividends of wise financial management benefit everyone. This budget is not just a financial plan; it’s a roadmap to prosperity, unity, and a better quality of life for our community. Let us move forward with optimism and determination, confident that our financial decisions today shape the destiny of tomorrow.
