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Union Budget 2009-10 Impact on FMCG Sector

Union Budget 2009-10 Impact on FMCG Sector

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Published by bharatjai

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Categories:Types, Business/Law
Published by: bharatjai on Oct 16, 2009
Copyright:Attribution Non-commercial

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10/23/2011

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Impact onFMCG Sector
Budget 2009-10
 
Union Budget 2009-10
 The Finance Minister stuck to the basics like a seasoned test cricketerrather than playing the more aggressive shorter and unconventionalversion of T-20 cricket. No wonder markets which were waiting withexcitement and thrill of getting a T-20 type first budget weredisappointed and the Market closed in the negative territory, down5.83% on July 6, 2009 due to lack of announcement of expectedreforms and lots of social sector initiatives. The budget has a strongrural focus, maybe keeping in mind the upcoming state elections andthe large rural vote bank. These may indeed address long termstructural issues like stimulating rural employment, income anddemand. Although some argue these measures, like test cricket, takelonger duration to show decisive/intended results; it may lead tomarkets running out of patience on expectations. However, Mr.Mukherjee mentioned in his speech that “a single Budget Speechcannot solve all our problems, nor is the Union Budget the onlyinstrument to do so”. Thus, we could look at the budget as a fiscaldocument and expect reforms like “power plays” outside the budget
 
Key Affirmatives
Reaffirmation for introduction of Goods and Services Tax (GST)w.e.f. April 1, 2010
Allocation to National Highway Authority of India for the NationalHighway Development Programme increased by 23% over budgetestimates of 2008-09 in budget estimates 2009-10
Banks given access to India Infrastructure Finance CompanyLimited (IIFCL) to refinance 60% of loans for projects in criticalsectors. Both IIFCL and banks can thus support projects involving atotal investment of INR1000 bn.
Allocation for Jawaharlal Nehru National Urban Renewal Mission(JNNURM) increased by 87% to INR 128 bn
Allocation for Accelerated Irrigation Benefit Programme (AIBP)increased by INR 10 bn (increase of 75% over 2008-09 budgetestimates)
Allocation to National Rural Employment Guarantee Scheme(NREGS) increased to INR 391 bn (increase of 114% over 2008-09

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