FMCG Hopes For Rural Wage Hike And Lower Taxes
ITC spokesperson asks government to focus more on agriculture and boost income in the sector
Now the consumer sector comes up with their hopes from the upcoming budget for fiscal year 2018–19. The main areas in which the sector wants the government to put thrust are increase in rural wages, reduce taxes so that the purchasing power of the consumers increase, in turn increasing the demand for consumer goods.
The FMCG company leaders want the government to improve the infrastructural facilities, boost small businesses and provide affordable housing to the needy farmers. Setting up cold chains and warehouses should be incentivized so that there is more Foreign Direct Investment (FDI) in the sector. As per an ITC spokesperson more stress on the food processing sector can led to double income of the farmers.
He went on to comment that the food processing sector acts as the intersection between the primary sector (agriculture) and secondary sector (industry). This is the reason more attention to this sector can not only increase farm incomes but also generate more employment opportunities and reduce agro-based wastages.
This Union Budget is going to be the last complete budget by the existing BJP government before the general elections of 2019. Emami Group Chairman, R S Agarwal hopes that the next budget will put thrust on agriculture, rural sector, infrastructure, small scale businesses and affordable housing facilities.
He said that the government should also emphasis on the sick industries. He feels the way to increase demand in the consumer goods can be brought by decreasing the direct and indirect taxes.
Vivek Gambhir, the Managing Director and CEO of Godrej consumer products spoke in the same line and suggested expanding the income tax base so that consumers can have more disposable income in their hands and put back money in the economy.