Pre Budget Quotes || AVP Ayurveda , Modi Enterprises, Amala Earth, Clay Craft and Senco Gold and Diamonds

As the eagerly anticipated Union Budget approaches, leading brands such as AVP Ayurveda, Modi Enterprises, Amala Earth, Clay Craft, and Senco Gold and Diamonds eagerly await the economic roadmap that will shape the upcoming fiscal year. These esteemed entities, each a stalwart in their respective industries, eagerly share their perspectives on the fiscal policies that could potentially impact their sectors. As these brands articulate their expectations, their voices collectively contribute to the diverse and dynamic dialogue surrounding the Union Budget, reflecting the diverse needs and aspirations of the Indian business landscape.

· Mr. Vipin Vijay, Chief Executive Officer, AVP Ayurveda, said, “As we eagerly await the Union Budget for 2024-25, it’s important to acknowledge the commendable strides Ayurveda has taken, owing to the steadfast efforts of the government in integrating it into the national health framework. The preceding Budget of 2023-24 significantly propelled the AYUSH systems forward. Noteworthy was the increased support for the National Ayush Mission (NAM), with a substantial 50 percent rise from Rs. 800 crores to Rs. 1200 crores. NAM’s focus on delivering cost-effective services through upgraded hospitals, Health & Wellness Centers, and strategic initiatives has been pivotal.

The Central government’s proactive stance in fostering research and medical facilities has been commendable as well. As we stand on the brink of a new fiscal year, our commitment to Ayurveda must ascend and chart a path toward self-reliance in this ancient system of medicine. With Ayurveda’s proven clinical benefits over decades, it holds immense potential in catering to the health needs of a substantial portion of our population. The upcoming budget presents as a golden opportunity to fortify our dedication and usher in a healthier and more resilient future. By investing in research, infrastructure and educational initiatives, we can elevate Ayurveda to new heights of self-reliance and resilience, recognizing it as a cornerstone of our healthcare system.”

· Mr Samir K Modi – Managing Director, Modi Enterprises said, “India’s consumer industry is on the brink of a significant transformation, poised to secure its position as the world’s third-largest market by 2027. As one of the biggest retail markets globally, India is anticipated to reach $1.41 trillion by 2026. According to a recent report by Deloitte, India is projected to have more than 900 million internet users, providing a substantial boost to e-commerce and the retail sector. However, over the past year, high inflation has muted consumer sentiment and spending.

Against this backdrop, the Union Budget for FY 24-25 should focus on generating demand and spurring consumption by offering benefits or concessions to the retail and FMCG sectors to boost overall consumer sentiment. Additionally, the other big reform would be to permit 100% FDI in multi-brand retail for goods manufactured in India. This can benefit both traditional and modern retailers, fostering growth and innovation across the sector. Another boost could come about by allocating substantial investments in ONDC (Open Network for Digital Commerce) and digital infrastructure to fast-forward the growth of e-commerce and the digital economy. Such measures could work towards creating a unified national policy for retail whereby traditional and modern retailers can operate harmoniously, driving greater growth in the industry.”

· Mr. Deepak Agarwal, Director, of Clay Craft, said, “In the past fiscal year, the ceramic tableware industry experienced robust 20% year-on-year growth. At Clay Craft, our new manufacturing facility in Manda has been a catalyst for domestic and international market expansion. We aim for deeper penetration in the Indian retail and HoReCa sectors, while also venturing into new international markets through strategic partnerships. Our recent appointment of a brand distributor for the UK/EU region attests to this global focus. Looking ahead to the Union Budget, we seek continued government support for Indian manufacturing.

The industry, labor-intensive and reliant on traditional skills, requires incentives for exports and volume trades. Access to cost-effective energy solutions, like affordable natural gas, is vital for growth. We also anticipate policies supporting skill development tailored to the ceramic and handicraft sectors. To achieve Clay Craft’s long-term vision of ‘Made in India for the World’, we urge government backing through cluster development, effective skill programs, and subsidies for greenfield projects. Incentives for new manufacturing setups and volume production will drive our industry toward global excellence. “

· Mr. Bharat Agarwal, Director, of Clay Craft, said, “Over the years, our industry has evolved significantly, and we find ourselves grappling with the repercussions of a substantial influx of Chinese imports. The government’s proactive measures, including the notice on July 14, 2023, mandating BIS standards for stainless steel bottles, are commendable. The enforcement of these standards is a significant step towards ensuring the quality of products in the Indian market, irrespective of their origin. A key concern is the significantly lower pricing of Chinese products, leading to their dumping in India.

This not only affects fair competition but also undermines the quality standards Indian brands aim to uphold. Despite the dominance of major Indian brands, the reluctance to establish manufacturing plants locally raises questions about their commitment to supporting domestic production. In anticipation of the union budget, our key expectation revolves around imposing anti-dumping duties and Quality Control implementation, which will not only safeguard the interests of Indian manufacturers but also foster a level playing field, ensuring fair competition and upholding the integrity of our industry. As we navigate these challenges, we remain hopeful that the upcoming budget will address these concerns and pave the way for a sustainable and competitive Stainless Steel bottle industry in India.”

· Gunjan Jindal Poddar Founder of Amala Earth, said, “As a part of India’s thriving economy, the e-commerce market is growing leaps and bounds and Amala Earth, our sustainable marketplace is proud to curate over 80,000 products under the aegis of over 800 local, sustainable, artisanal, natural and eco-friendly brands. This year is particularly important for us as we foray into the retail space and strive to create a unique experiential space for our discerning customers. Looking forward to a robust economic growth for both online and retail verticals in the next financial year.“

· Mr. Suvankar Sen, MD & CEO, Senco Gold and Diamonds, said, “An infrastructure boost by the Budget can ensure that raw materials are available at the most competitive prices. This can be possible if Gift City allows the international gold suppliers to supply to the Indian manufacturers at a competitive price. More importantly, availability of gold in the form of gold loan at very competitive pricing is the need of the hour. This move will allow gold companies to make the business more competitive.While we have the inherent ability to manufacture for the world, the Budget needs to ensure a continuous focus on skill development.

Artisans need to update themselves with the international standards of manufacturing. And if any machinery is procured, like the way we have been buying in SEZs, in which we get certain duty benefits, we should be able to import such machinery at lower duties and get government support and subsidies. Budget measures will thus ensure India’s capacity of manufacturing is fully utilised even during the lean seasons of the global market demand.Budget can also look into providing special finance to help Indian brands and manufacturers to establish businesses outside.

That would help further to take the brand ‘Made in India’ to the global stage. Finally, being one of the largest exporters of gems and jewellery, the industry is contributing to a major portion of the country’s total foreign exchange reserves. If the Budget can support manufacturers in terms of cost of capital or capex, then that will play a big role and provide a boost for various players, to take steps to improve their reach across the world. Brands can thus reach out not only to the Indian diaspora but across other communities. The government via budgetary steps must support the industry with new technologies – be it AI, Lab grown diamonds or latest machinery. Lastly, to boost liquidity and exports in the Jewellery Industry, If the government reduces the customs duty for releasing of margin money with banks, it will be helpful for the industry.”