The Budget proposals are expected to boost the fortunes of consumer goods and fast-moving consumer goods companies, which have been struggling with poor consumer demand for more than a year.
The Budget announcements, such as the increase in standard deduction by ₹25,000 for incometax payers and slab revisions, will put more money in their hands, boosting consumer demand.
Private consumption is also likely to benefit from a new scheme to offer internships to 10 million youths in the country's top 500 companies. The scheme is likely to expand the formal job market, which will expand the consumer market.
"The Budget announcements such as higher allocation for development, schemes for youth employment, and skilling are positive for businesses like ours, which serve nine out of 10 households, ranging from the mass end of the market to the premium. The proposals will have a multi-year effect in inducing consumers to spend more," says Rohit Jawa, managing director and chief executive officer, Hindustan Unilever.
Denne historien er fra July 24, 2024-utgaven av Business Standard.
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Denne historien er fra July 24, 2024-utgaven av Business Standard.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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