Budget FY22-2023: FMCG sector impact

The government has continued the support to rural economy with Rs.73000 crore spend through MGNAREGA. Further, the government has also continued high allocation towards agriculture economy similar to last budget. This would help in reviving the rural consumption levels, which has been adversely impacted by Covid related disruption & high commodity inflation. With respect to tobacco companies, there has been no change in excise duty on cigarettes. Stable taxation on cigarettes would aid volume growth for cigarette companies, which have been one of most unsettled industries from Covid related disruptions.