The biggest headwind to the consumption story in FY23 is a sharp decline in government subsidies on food, fertilizer and fuel, and overall decline in revenue expenditure net of interest payments. This, analysts say, will adversely impact purchasing power of households at the lower end of the income pyramid, translating into lower spending on consumer goods & services.<\/strong><\/p>\nThe Union Budget for 2022-23 has proposed a 26.6 per cent year-on-year decline in subsidy on food, fertilizer, and petroleum to R3.18 trillion in FY23, from R4.33 trillion in FY22. Besides, It has been decided to cut the allocation for the rural employment guarantee scheme by 25.5 per cent in FY23 to R73,000 crore from revised spending of R98,000 crore during FY22.<\/p>\n
\u201cThe impact of Budget measures will be felt the most in rural areas where subsidies are a key component of household cash income. A cut in food and fertilizer subsidies and lower allocation for the employment guarantee scheme will hit per capita income in rural areas, resulting in lower demand for staples and low-end consumer items.<\/p>\n
A cut in subsidy is coming at a time when households face higher cost of living because of a sharp rise in fuel and commodity prices. The average price of Brent crude oil is up 71 per cent in FY22 over FY21, leading to higher energy and transport cost. The rise in crude oil price also pushes the cost of fertilizers and farm inputs.<\/p>\n
\u201cThe recent rise in crude oil prices will lead to higher inflation, forcing households to defer discretionary spending as they save cash to pay for essentials, such as food, travel, and utilities. This will further depress the share of PFCE in GDP,\u201d says<\/p>\n
Last time when there was a big rise in oil prices in the FY10-14 period, the government cushioned the blow by drastically raising petroleum subsidy. There is no such cushion this time.<\/p>\n
\n
\n\u092e\u0939\u0902\u0917\u0947 \u0924\u0947\u0932 \u0914\u0930 \u0938\u092c\u094d\u0938\u093f\u0921\u0940 \u092e\u0947\u0902 \u0915\u091f\u094c\u0924\u0940 \u0938\u0947 \u092a\u095c \u0938\u0915\u0924\u093e \u0939\u0948 \u0916\u092a\u0924 \u092a\u0930 \u0905\u0938\u0930<\/strong><\/span><\/p>\n
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\u2018\u092c\u091c\u091f \u092e\u0947\u0902 \u0909\u0920\u093e\u090f \u0915\u0926\u092e\u094b\u0902 \u0915\u093e \u0905\u0938\u0930 \u0917\u094d\u0930\u093e\u092e\u0940\u0923 \u0907\u0932\u093e\u0915\u094b\u0902 \u092e\u0947\u0902 \u092e\u0939\u0938\u0942\u0938 \u0915\u093f\u092f\u093e \u091c\u093e\u090f\u0917\u093e, \u091c\u0939\u093e\u0902 \u092a\u0930\u093f\u0935\u093e\u0930\u094b\u0902 \u0915\u0940 \u0906\u092e\u0926\u0928\u0940 \u092e\u0947\u0902 \u0938\u092c\u094d\u0938\u093f\u0921\u0940 \u092a\u094d\u0930\u092e\u0941\u0916 \u0939\u0948\u0964 \u0916\u093e\u0926\u094d\u092f \u0935 \u0909\u0930\u094d\u0935\u0930\u0915 \u0938\u092c\u094d\u0938\u093f\u0921\u0940 \u092e\u0947\u0902 \u0915\u091f\u094c\u0924\u0940 \u0914\u0930 \u0930\u094b\u091c\u0917\u093e\u0930 \u0917\u093e\u0930\u0902\u091f\u0940 \u092f\u094b\u091c\u0928\u093e \u092e\u0947\u0902 \u0906\u0935\u0902\u091f\u0928 \u0915\u092e \u0915\u093f\u090f \u091c\u093e\u0928\u0947 \u0938\u0947 \u092e\u093e\u0902\u0917 \u0915\u092e \u0939\u094b\u0928\u0947 \u0915\u0940 \u0938\u0902\u092d\u093e\u0935\u0928\u093e \u0939\u0948\u0964\u2019<\/p>\n
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\u092a\u093f\u091b\u0932\u0940 \u092c\u093e\u0930 \u091c\u092c \u0935\u093f\u0924\u094d\u0924 \u0935\u0930\u094d\u0937 10 \u0938\u0947 14 \u0915\u0947 \u092c\u0940\u091a \u0924\u0947\u0932 \u0915\u0947 \u0926\u093e\u092e \u092e\u0947\u0902 \u092d\u093e\u0930\u0940 \u092c\u095d\u094b\u0924\u0930\u0940 \u0939\u0941\u0908 \u0925\u0940 \u0924\u094b \u0938\u0930\u0915\u093e\u0930 \u0928\u0947 \u092a\u0947\u091f\u094d\u0930\u094b\u0932\u093f\u092f\u092e \u0938\u092c\u094d\u0938\u093f\u0921\u0940 \u092c\u095d\u093e\u0915\u0930 \u0907\u0938\u0915\u0940 \u092d\u0930\u092a\u093e\u0908 \u0915\u0940 \u0925\u0940\u0964 \u0907\u0938 \u092c\u093e\u0930 \u0910\u0938\u093e \u0915\u0941\u091b \u0928\u0939\u0940\u0902 \u0915\u093f\u092f\u093e \u0917\u092f\u093e \u0939\u0948\u0964<\/p>","protected":false},"excerpt":{"rendered":"
The 2022-23 fiscal year could be tough for companies in consumer demand-related sectors, because of multiple headwinds, including cut-back in subsidies, higher oil prices, and rising interest rate. The biggest headwind to the consumption story in FY23 is a sharp decline in government subsidies on food, fertilizer and fuel, and overall decline in revenue expenditure […]<\/p>","protected":false},"author":1,"featured_media":26810,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2288],"tags":[316,1025,1237,420,1690,2298,603,359,989,2566,301,358,1066,108,2297,2567,2296,1129,1051,2564,2565,2563],"class_list":["post-26806","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-march-articles-2022","tag-budget","tag-business","tag-companies","tag-crude-oil","tag-demand","tag-diesel","tag-economy","tag-export","tag-finance","tag-goods-services","tag-government","tag-import","tag-interest","tag-oil","tag-petrol","tag-petroleum","tag-petrolium","tag-price","tag-rate","tag-rising","tag-rising-interest-rate","tag-subsidies"],"yoast_head":"\n
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