The Blue-Eyed Baby

The Budget has given the FMCG sector nearly everything it wanted on a silver platter.

The Budget has left the fast-moving consumer goods (FMCG) sector in a win-win position. The direct plus is that FMCG firms will benefit from the lower tax rates, no surcharge, restructured MAT and excise duty cuts. The indirect benefit is that the fall in the personal income tax levels and rising rural income levels will certainly boost demand for FMCG goods.

But for now, let us just take the two direct changes