Tax relief for middle-class, salaried will help increase consumption patterns: Marico MD Saugata Gupta

New Delhi: Tax relief for middle-class and salaried class in the upcoming Union Budget will enhance purchasing power and serve as a catalyst in increasing consumption patterns, Marico Ltd MD & CEO Saugata Gupta said on Friday.

The key expectations from the full budget of 2024-25 include a continued emphasis on rural development through investments in infrastructure and employment, bolstering agricultural activities to enhance rural income, he said.

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

Spelling out the expectations, he said, "Tax relief for middle-class and salaried classes will not only enhance purchasing power but will also serve as a catalyst in increasing consumption patterns."

The government's support during the critical monsoon period is crucial for stabilising rural economies and ensuring farmers have access to essential resources, Gupta said.

He acknowledged the government's commitment to providing employment opportunities and support measures such as the extension of the free food grain 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 added.

Finance Minister Nirmala Sitharaman is scheduled to present the full budget for 2024-25 on July 23.