A Visionary Budget: Empowering India's MSME, Women, Farmers, Youth, and Street Food Entrepreneurs
CA Rishabh Kumar Sawansukha
M&A,Tax,HR,Finance & Policy Consultant | Ai & LinkedIn Coach | Futurist | Growth Mentor | Community Commerce Expert | 8th Gen Farmer | National Convener Industry Groups JITO JBN | Ex IOCL,Oracle,Schlumberger & Coca-Cola
The Union Budget 2024-2025 lays a comprehensive foundation for India's growth, focusing on empowering the middle class, youth, and micro-entrepreneurs. This strategic vision aligns with India's aspirations under 'Viksit Bharat,' 'Atmanirbhar Bharat,' 'Fit India,' and the ambition to become the world's third-largest economy.
Boosting the Quick Service Restaurant (QSR) and Street Food Sectors
The QSR and street food sectors are significant contributors to India's economy, with the QSR market alone expected to grow at a CAGR of 18% over the next five years. Recognizing this potential, the government is investing in creating 100 street food hubs annually, providing a structured and hygienic environment for street food vendors. This initiative, coupled with FSSAI simplification and mandatory FOSTAC (Food Safety Training and Certification) programs, ensures that the food served meets high safety and quality standards. These measures not only enhance the street food experience for consumers but also provide a platform for foodpreneurs to thrive.
Support for the Indian Middle Class and Vulnerable Youth
The budget allocates ₹1.48 lakh crore for education, employment, and skilling, focusing on creating job opportunities for 4.1 crore youth over five years. This includes skilling programs and upgraded Industrial Training Institutes (ITIs) to meet industry needs, offering a pathway for youth to enter the workforce with relevant skills. The Employment Linked Incentive schemes are designed to encourage job creation, particularly in the manufacturing sector, by offering financial incentives to both employers and employees. These schemes are expected to benefit over 2 crore youth, providing them with the necessary support to enter the formal workforce.
Empowering Women and Inclusive Growth
The budget also focuses on women-led development, with an allocation of over ₹3 lakh crore for schemes benefiting women and girls. This includes the establishment of working women hostels and creches, as well as women-specific skilling programs. These initiatives aim to increase women's participation in the workforce and support women SHG enterprises by promoting market access. Taxonomy for Climate Finance ( Wastelands 2 Bestlands) and Cooperative Framework will help in near farm activities like Cold Chain, IQF, Dehydration, Irradiation, Freeze Drying, Mobile Pulping Units, Aseptic packing, Sorting -Grading plants, Value added Food factories set-up by Farmer Groups.
Jyoti Saroop is promoting concept of "Unati Behan" where SHG and PACS will develop and train women entreprenuers into clean label food and beverages business supported by multi state cooperative societies. Dark Stores , warehouses and small cooperative kirana shops will be opened and quick commerce with Open Network For Digital Commerce (ONDC) will be leveraged to provide livlihood for 1 million plus women associated with the ecosystem of Unati parivar.
As per Nitin Puri , Founder KisaanSay , Future of Food lies in Traceability, Trust and Transparency from Farm2Factory2Fork level. his startup is supplying Best of Bharat to more than 20000 pin codes through online ordering at www.kisaansay.in
FRUZ India Private Limited has collaborated with Kisaansay in the entire value chain. Apply FRUZ20 code to get additional rebate of 20% while ordering spices, pulses, dry fruits, honey, A2 Cow Ghee and Fresh Juices from Farm2Fork.
Strengthening the MSME Sector and E-commerce
The budget provides robust support for MSMEs, with measures including a Credit Guarantee Scheme for MSMEs, expansion of Mudra Loans, and the establishment of E-Commerce Export Hubs. These hubs will facilitate MSMEs and traditional artisans in reaching global markets, enhancing their business opportunities and competitiveness.
Amit Mundhra CA is helping Micro Entrepreneurs with various MSME and Mudra loan scheme. In his view raising scheme from 10 lakh to 20 lakh will help lot of micro food entrepreneurs like icecream parlors, juice shops, indian healthy snacking kiosk and karts to raise capital without collateral. HASMUKH GAJJAR who has helped more than 7000 parlors to set-up icecream, softy and shakes machines is happy to see this change brought by Union Budget 2024.
Tourism and Cultural Revival: A Boost for the Food Industry
The development of temple corridors and other tourism projects, such as the Vishnupad Temple Corridor and the Mahabodhi Temple Corridor, are set to transform these sites into world-class destinations. This initiative will not only boost tourism but also promote local cuisines and traditional foods, providing a platform for local foodpreneurs.
FSSAI Training, license fee waiver, Grading system for Street Food Vendors will help the industry grow towards maturity, digitization, leverage new avenues for growth and scale, as per Arbind Singh who is leading association of Street Foodpreneurs.
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Sanjjay Jain , Author Kagaz aur Kabza is developing lifedekho luxury farms communities near Delhi-NCR and various other locations where natural bliss is combined with heritage values, good food and safety in a SOP driven approach and offering luxury cottages in small groups. These farm houses offers best investment opportunity plus benefit of weekend homes and monetization possibilities through managed services integrated by developers and collaborators. He welcome Union Budget focus on micro irrigation, horticulture and lot of youth can apply for internship in lifedekho farm communities combining F&B , Hospitality, Horticulure and Agriculture together with wealth management services offered by his company Bhoomi Associates.
A Roadmap for Future Growth
The Union Budget 2024-2025 sets a roadmap for India's economic and social transformation. By supporting the QSR and street food sectors, empowering the middle class and youth, and promoting women-led development, the budget creates a comprehensive framework for inclusive growth. These initiatives are not just about economic numbers; they are about empowering people, nurturing entrepreneurship, and building a resilient and self-reliant India. This budget is a testament to India's journey towards becoming a global economic powerhouse, ensuring that the benefits of growth reach every citizen and fostering an environment where every Indian can thrive.
Dr. Anshul Dhingra is a business coach and firmly believes that skiling 1 crore youth is need of the hour to prepare them for the future where Artificial Intelligence will eat up millions of jobs and as a country we must produce "Job Creators" , no Job Seekers.
Opportunities for FMCG and F&B Companies
The budget's focus on developing the QSR and street food sectors presents significant opportunities for FMCG companies, F&B companies, and foreign MNCs looking to enter the branded QSR space. The creation of structured street food hubs, coupled with streamlined FSSAI regulations, provides a fertile ground for these companies to establish their presence in India. The high growth potential in the QSR market, combined with India's diverse culinary landscape, makes it an attractive destination for investment. Moreover, the government's support for MSMEs and traditional artisans through E-Commerce Export Hubs offers a unique opportunity for companies to source and showcase authentic Indian products, appealing to both domestic and international consumers.
Sanjiv Rangrass is veteran expert in Agri-Food-FMCG value chain and believe that technology led Agri Growth will help the country in building sustainable supply chains. Reducing cost of capital for the value chain and incentivising exports is must within the overall framework of #AtmanirbharBharat.
The Union Budget 2024-2025 not only paves the way for India's economic growth but also creates a conducive environment for businesses to thrive, innovate, and contribute to the country's development. With a focus on inclusive growth and empowerment, this budget is a call to action for large companies to invest in India's promising future with massive growth expected in Cooperative - Public - Private Partnership (CPP) framework with catalyst role of startup ecosystem.
About Author
CA Rishabh Kumar Sawansukha is a practicing Management Consultant with active interest in Agri-Food-FMCG and Climate resilient Agriculture projects. He has worked in FMCG & E-Commerce space with companies like Coca-Cola and Snapdeal. He is advisor to food delivery application, quick commerce distributors and helping various trade bodies and chambers in policy research, taxation and brand advisory. He is advisor to various QSR Brands, Multi State Cooperatives and family offices having keen interest in farming, farm houses, farm2factory2fork product innovation, micro financing, fintech, vegan, icecreams, fruits & vegetable preservation, IQF and Freeze drying technologies.
he can be reached at rishabh@bizstreet.biz
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