Post Budget Reaction Quotes by F&B Sector
The Union Budget 2023-24 presented by Finance Minister (Nirmala Sitharaman) is a goal Oriented to overcome economic challenges. Let's see the reactions and views from F&B Sector.
Chairperson and Managing Director of Wardwizard Foods and Beverages Ltd
“I commend the government’s visionary budget that lays a strong foundation for sustainable economic growth. The focus on inclusive development, support for agriculture, and initiatives promoting green growth align with our goals at Wardwizard Foods and beverages Limited. The emphasis on infrastructure, skill development, and the commitment to fiscal stability will undoubtedly boost the overall business environment. We look forward to actively participating in the opportunities presented by this forward-looking budget, contributing to India’s journey towards becoming a ‘Viksit Bharat’ by 2047.”
The focus of the Government in promoting private and public investment in post-harvest activities as well as Atmanirbhar Oilseeds Abhiyaan which aims to achieve self-sufficiency for oilseeds is welcome. The increase in the budget outlay for Production Linked Incentives will help the manufacturing and agri processing space in increasing their scale as well as productivity.
On a long term horizon it’s good to see GoI’s Commitment to meet ‘Net Zero’ by 2070 through viability gap funding for wind energy, roof solarization, adoption of e-buses for public transport network and Strengthening e-vehicle ecosystem manufacturing and charging infrastructure.
Along with the above steps, the government should also be promoting plant based proteins for multi-dimensional benefits of protein nutrition, environmental sustainability and export potential of space. This would be in line with big steps undertaken by Govts across the globe to meet the UN SDGs and also provide protein nutrition sustainably to the global consumers.
Chief Financial Officer, Mars Wrigley India
“India is witnessing robust growth, as vividly illustrated in the interim budget of 2024. The array of initiatives aimed at fostering investments, advancing renewable energy, and championing sustainability aligns seamlessly with our corporate mission. We are confident that the government’s ambitious drive to boost domestically produced goods will not only fortify manufacturing capabilities but also fuel job creation, contributing to the holistic development of the economy. Furthermore, the budget’s focus on agriculture, capex, and tax reforms promises an increased disposable income for consumers in the short term, and sustained growth in the long run. This balanced, growth-oriented budget fuels optimism for a thriving nation working harmoniously to realize the visionary goal of ‘Viksit Bharat’ by 2047.”
“Post the Interim Budget, we at BobaBhai are optimistic about the future of GST and expect more updates in the annual budget scheduled to be announced in July 2024. GST has reduced the compliance burden on trade and industry, and the reduction in logistics costs and taxes has enabled us to offer products at competitive prices and broaden our customer base. We look forward to the Government’s move to simplify the tax structure and reduce the compliance burden on businesses, which will further boost the economy and benefit all stakeholders.Dhruv Kohli, Founder at Boba Bhai
We are also hoping for more investment in technology to streamline customs, automate warehousing, and optimize every facet of the supply chain. Investing in workforce skilling is crucial, not just for filling gaps but also for establishing talent pipelines in AI, supply chain management, and last-mile solutions. We are looking forward to the Government rationalizing GST rates to ensure a simplified and more transparent system.”