Union Budget: Tax Relief To Boost Consumption Power, Says Marico CEO Saugata Gupta

The tax relief in the upcoming Union budget will boost the purchasing power of the middle-class and salaried individuals and act as a catalyst for stimulating consumption patterns, Saugata Gupta, managing director and chief executive officer of Marico Ltd., said on Friday.

He added that the budget wishlist includes ongoing focus on rural development, with investments in infrastructure and employment, which is aimed at strengthening agricultural activities and boosting rural income.

Finance Minister Nirmala Sitharaman will present the first budget from the Modi 3.0 government on July 23. The budget is expected to prop up expenditure on its welfare schemes to boost demand, especially in rural areas, while at the same time pursuing capex and fiscal consolidation.

He emphasised on the importance of government's assistance in the monsoon season as it is vital for stabilising rural economies and ensuring farmers have access to necessary resources.

"We anticipate policies aimed at fostering inclusive and sustainable development," Gupta said in a statement.

He also acknowledged the government's commitment to providing employment opportunities and support measures such as the extension of the free foodgrain scheme till 2028 and said it underscored the efforts to sustain rural consumption, enhance quality of living and contain inflation.

"We look forward to initiatives encouraging private-sector investments in infrastructure, which will not only create jobs but also boost productivity," Gupta said, adding that digital adoption and entrepreneurship are poised to drive job creation and economic growth, supported by policies that promote innovation and efficiency.

"We are optimistic that Budget 2024-25 will set the stage for a resilient economic recovery, empowering businesses, and will contribute to India's growth trajectory," he said.

(With Inputs From PTI)