A progressive Budget promoting an Atmanirbhar Bharat: Dabur CEO Mohit Malhotra

Mohit Malhotra, Chief Executive Officer, Dabur India, has called the Union Budget 2023-24 “a progressive, growth-oriented budget”. He sees the last full-fledged Union Budget presented by Finance Minister Nirmala Sitharaman before the 2024 Lok Sabha elections putting more disposal income in the pockets of the consuming class, particularly the middle class, while focusing on building a new India with its heavy focus on capital expenditure.

According to Malhotra, the biggest positive is the 33% increase in overall Capital Expenditure Outlay on Infrastructure Development, which will take India towards become a true global powerhouse and help urbanise the hinterland. “The Government’s decision to set up a Rs 10,000 crore per year Urban Infrastructure Development Fund to be used for creating infrastructure in Tier 2 and Tier 3 cities will go a long way in boosting overall consumer confidence, and also help generate employment,” he added.

“The greater focus on agriculture with a new Agriculture Accelerator Fund being set up; extension of the concessional institutional credit through Kisan Credit Cards to animal husbandry and fisheries sector; and an outlay of Rs 2,200 crore towards Atmanirbhar Clean Plant Programme will provide the much-needed solutions to present-day challenges of farmers. It would also be highly beneficial for companies with a strong rural footprint and would help drive growth for the consumer products industry. Dabur has been investing ahead of the curve in strengthening its rural footprint, which today covers over 100,000 villages. This exercise would further gain pace, going forward,” Malhotra added.

According to him, the 7-point agenda for this year’s Budget with a clear focus on building social infrastructure, reaching the last mile, driving inclusive development, green growth and harnessing the country’s youth power, ticks all the right boxes. “I am certain that these measures would help reduce the gap between the haves and have nots in the country,” he added.

The Finance Minister’s focus on empowering the middle class with the higher exemption limit and new tax slabs would provide some relief to the salaried class and put more money and more savings in the hands of the common man, he said.

“Overall, this Budget is all about maintaining continuity and accelerating economic growth. I would call it a progressive Budget that balances growth with fiscal prudence while laying down the blueprint for creating an enabling framework that would promote an Atmanirbhar Bharat,” Malhotra concluded.