Union Budget 2018: The Union Budget 2018 is all set to be presented by Finance Minister Arun Jaitley on February 1. As expectations are high from the Modi government considering that it is the last union budget before the 2019 Lok Sabha polls, Indian brands are also waiting for the budget with their set of wishlist. The over abundance of foreign brands in India is becoming a hindrance to the development of Indian brands as the country is significantly dependent on overseas enterprises for day to day products such as food items, home care items, electronic items, personal health care items, etc., mentioned Bengal Chamber of Commerce and Industry in their Pre-budget memorandum 2018.
As the leading brands in India are possessed by foreign enterprises, every time on consuming these products, the value flows out of the country to pay for trademarks used, licenses provided, services consumed and so on. Therefore, this unenviable situation is an unpleasant reflection of competitive capabilities of India’s home grown brands, claimed the Chamber.
Instead of lamenting over the huge outgo in terms of royalty and other payments, the Modi government in Union Budget 2018 should take desirable measures to align national and corporate energies in order to create world class Indian brands, stated the Bengal Chamber of Commerce and Industry in their Pre-budget memorandum 2018. The world class brands successfully manage to achieve premium and loyalty from consumers. In addition to that, these world class brands reflect the innovative capacity of their countries and they also enrich the economy of their countries.
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According to the Chamber, world class brands can contribute significantly to import substitution, value added exports as well as larger value capture from global markets and this can revolutionize the country from one dominated by foreign brands to a key substantial player in the global market.
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The Chamber believes that the formation of world class brands demand deep consumer insight, continuous nurturing of research and development, differentiated product development capacity, brand building capability, cutting edge manufacturing, extensive trade marketing and distribution network along with substantial investment commitments over the long run, which will further lead to generating job opportunities and also result in retention of value in the country.
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