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Union Budget 2024: The full Union Budget for the year 2024 will be presented in the Lok Sabha on July 23. This budget is expected to focus on employment, women, agriculture and rural development. Budget Special attention can be given to the villagers. The government's aim is to increase the purchasing power of the people to increase consumption. Therefore, the government can make important announcements for the villages.
In fact, private consumption in India may pick up in the current financial year due to improved rural demand, normal monsoon and falling inflation. This information has been given in a report. A report released by India Ratings and Research states that the increase in private consumption will promote balanced growth and reduce the gap between premium and value segments.
The report says that urban demand will continue to grow, but at a slower pace. India Ratings said in the report that the inequality in growth will reduce in FY 2024-25. This will lead to large-scale growth. Rural consumption has grown steadily in the last few years.
The revenue growth of the Fast Moving Consumer Goods (FMCG) sector can be 7 to 9 percent due to improved rural demand and continued growth in urban areas. A report on 77 FMCG companies by Crisal Ratings says that volume growth from rural customers can be 6 to 7 percent in FY 2024-25. Let us tell you that 40 percent of the total income of the FMCG sector comes from rural consumers.
The increase in rural consumption is driven by a rise in farmers' income due to a normal monsoon and Minimum Support Price This is due to the increase in. Crisil said in the report that the government is spending more on rural infrastructure under the Pradhan Mantri Awas Yojana-Gramin (PMAY-G). This has left more money for rural India to spend. According to the report, consumption in urban areas can increase by 7 to 8 percent due to increase in income in the current financial year.