Monday, 03 August 2020

Industry responds to Indian Union Budget 2018

01 February 2018 | News

The Union Budget 2017-18 is on expected lines and is focused on improving the quality of life in Rural India.

“Bharat, or Rural India, has been the key focus of Finance Minister Mr. Arun Jaitley’s Union Budget for 2018-19. It presses all the right buttons and ticks all the right boxes when it comes to fueling the Rural and Agrarian Economy with a slew of measures including higher MSPs for Kharif crops, upfront agriculture focus, institutional support for price discovery and upgradation of rural haats to give farmers better access to formal mandis. These measures, coupled with the mega Health Insurance programme for the poor and massive spending on rural infrastructure, will go a long way in strengthening the rural Economy and boosting consumerism in the hinterland.

Overall, the Union Budget 2017-18 is on expected lines and is focused on improving the quality of life in Rural India. He has re-iterated the Government’s promise of doubling farmer's income by 2022 with various additional allocations and funds in this sector.

The Budgetary allocation for cultivation of specialized medicinal and aromatic plants is another big positive and will help promote India’s Ayurvedic heritage.

While there may not be any big-ticket Income Tax relief for the middle class, the increased standard deduction against travel and medical expenses will add to the disposable income in the pockets of the common man.

The revision in fiscal deficit target for 2018-19 to 3.3% of GDP as against the earlier target of 3% is an area of concern”.

Mr. Sunil Duggal, CEO, Dabur India Ltd

 

“I am happy to see the emphasis on agriculture, and allied sectors of fisheries and animal husbandry. Doubling income of farmers from the same land, by 2022 is an ambitious target. Now this will be within reach thanks to this budget allocation. By linking MSP to production cost, promoting cluster-model approach, along with the focus on bamboo, food processing, and market development, I see that the government is aiming to drive professionalism, standardization, and specialization in the agriculture sector. In the long run, this will strengthen the agriculture and allied sectors, and bring in more jobs into both rural and urban economies”.

Mr. Hanmantrao Gaikwad, Chairman and Managing Director, BVG Life Sciences Limited and BVG India Limited

 

“With the union budget 2018, the Government has shown a commitment towards reviving rural economy. Measures such as increasing farmers' income and doubling investments in food processing sector will have a positive impact on industries that are connected to agriculture and allied sectors. The budget proposes to adopt a cluster approach for agriculture and it is a welcome move which will lead to better connectivity of produce and markets. By promoting agro-processing and agri-logistics, the Govt. has provided a fertile ground for streamlining and formalising the supply-chain sector. This will lead to direct linkages between farmers and food processing sector. A 100% tax reduction for the likes of farmer producer companies is a welcome move as it will bring in more players in the business of post harvest value addition.”

Mr. Dhirendra Singh, Chairman, Manpasand Beverages Ltd. 

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