'More Money in Consumers' Hands': Berger Paints CEO Abhijit Roy Pushes for People-Friendly Budget

Union Budget 2024: Ahead of the Union Budget 2024, Indian industries are voicing their expectations and hopes for economic revitalisation, particularly in boosting consumer demand and sustainability initiatives.

Abhijit Roy, MD & CEO of Berger Paints while speaking to Republic Media Network, highlighted the need to increase consumer spending power. "More money in the hands of consumers will stimulate demand for goods and services," he emphasized. 

Roy underscored that higher consumer spending is pivotal for reviving private capital expenditure (capex).

Revival of Private Capex Hinges on Demand

Roy stressed that private investment largely depends on robust demand. 

"When demand rises and existing capacities are fully utilized, businesses will invest in expanding their infrastructure," he explained. This, he believes, is contingent upon empowering middle and lower-income groups with increased purchasing power.

Focus on Housing and Construction Sectors:

Regarding allocations for housing and construction sectors, Abhijit Roy expressed optimism about the continuation and potential expansion of initiatives like PM's Awaas Yojna (housing scheme). 

He advocated for incentives such as tax breaks to bolster affordable housing for the urban middle class, which would indirectly benefit industries like paints.

Commitment to Sustainability:

Responding to queries about sustainability measures, Roy outlined Berger Paints' initiatives. "We are increasingly adopting water-based products, exploring alternative energy sources like solar and wind power, and prioritizing the use of recycled plastics in our containers," he disclosed. 

Expectations from the Perfect Budget:

Reflecting on the macroeconomic outlook, the MD & CEO of Berger Paints expressed confidence in India's strong GDP growth and urged for measures to boost consumer demand further. 

"An emphasis on increasing money circulation in rural areas and among farmers is crucial," he emphasized, adding that “defecit I presume they will peg it around 5.1%.”

Source: Republicbiz