Hike In Customs Duties on Food Items:Baba Ramdev

FMT-INDIA

Hike In Customs Duties On Food Items To Help Local Companies: Baba Ramdev

Baba Ramdev, the public face and brand ambassador for herbal-focused consumer firm Patanjali, on Wednesday welcomed the increase in customs levies on food items and personal-care products, arguing that the Budget decision will help the local industry in its battle for market share against multinational companies.
“It is a good thing. The increase in customs duty will encourage Swadeshi, and every country should do it to protect their local businesses,” Ramdev. “It is a good thing. The increase in customs duty will encourage Swadeshi, and every country should do it to protect their local businesses,”Ramdev. “It is necessary and I am in agreement with it.”

The Yoga guru, whose company now makes and retails food and consumer items, expressed his ambition to outsell global consumer giants UnileverBSE 1.44 % and P&G.

“We will beat Unilever (in India) next year,” Ramdev said. “Unilever is around 30,000 crore (in revenues at present) and we will surpass that next year. By 2025, Patanjali will, perhaps, be the world’s biggest FMCG Company.”

FMT-INDIA

Unilever is around 30,000 crore (in revenues at present) and we will surpass that next year.

Unilever CEO Paul Polman said during an investor call on the December quarter earnings that India remains a bright spot for the Anglo-Dutch firm. “In terms of the countries, specifically, where we see pickups, we see India getting better,” he had told investors.

The Haridwar-based FMCG company has expanded rapidly, prompting established giants such as Hindustan Unilever, P&G, and Dabur to ramp up their herbal or natural-products portfolio.

 

(Source: ET)

 

 

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