Consumption expenditure to pick up progressively: ITC
FMCG major ITC expects consumption expenditure to pick up progressively led by continued recovery in rural demand backed by a good monsoon. The Kolkata-headquartered conglomerate also expects improvement in urban demand as inflation stabilises and tax cuts announced in the Union Budget boost disposable incomes.
ITC's outlook reflects persistent weakness in urban consumption, a growing concern for major FMCG firms that have faced sluggish growth for several quarters.
'The cumulative impact of pick-up in cape in the second half of FY 2024-25 and front loading of Government capex outlay in FY 2025-26, along with interest rate cuts and liquidity support from RBI, would also be supportive of growth…While higher capital expenditure outlays and focus on infrastructure are expected to drive growth and competitiveness of domestic manufacturing, focus on agri-related schemes is expected to boost farmers' welfare and rural consumption demand, spurring a virtuous consumption-investment-employment cycle,' said ITC its latest annual report.
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