117152076


Updated on 11 January 2025 8:10 PM IST.

Budget 2025 Expectations

Budget 2025 Outlook: Outlook for the Packaging Sector (iStock/X)

Essay highlights

  • India’s packaging sector is one of the major sectors.
  • This sector has witnessed strong growth in recent years.
  • It is poised for significant growth in the coming years.
Budget 2025 Expectations: India’s packaging industry has seen significant growth in recent years. The packaging sector, a major economic arm of the country, is poised for significant growth in the coming years. As Union Budget 2025 is around the corner, there are many expectations for the sector from Budget 2025.

According to Maher Banerjee, Secretary General, Plastic Packaging Research and Development Centre, (PPRDC), India is projected to reach USD 36.29 billion by 2032. The Modi government should therefore prioritize sustainability-enhancing allocations within the packaging sector, which was valued at USD 22.8. billion in 2022.

“Further support, such as a 20% subsidy on recycling equipment and allowing CSR investment in recycling infrastructure, could encourage private sector involvement and lower barriers for small enterprises,” he said. .

“The PPRDC recommends increased funding for urban local bodies to set up automatic segregation plants and promote public awareness on solid waste management,” he added.

On the other hand, Raghunandan Saraf, founder and CEO, Saraf Furniture, believes that the Union Budget 2025 is likely to bring some changes, incentives and ideas in the packaging industry’s eco-friendly structure and design.

“One of the main expectations includes reduction of GST on raw materials used for eco-friendly packaging so that these ideas can be widely implemented.

Saraf added, “Allocating funds to provide tax breaks or subsidies to manufacturers investing in green technology can help reduce the carbon footprint that will eventually bring the company up to its global eco-friendliness standards. will be able to reach.”

Budget 2025 Expectations

On the other hand, Pooja Chaudhary, Founder, Lavanya The Label, said, “The budget is expected to have policies that will encourage eco-friendly packaging instead of relying on wrapping and machinery equipment.”

“The encouragement of PLI on the packaging division will facilitate investment as well as create employment opportunities.”

“Another measure worth considering is to reduce import duties on advanced machinery and raw materials, which India does not manufacture, as this can increase competition and reduce production costs,” he said. said

“Interest subsidy, easier access to credit, and less complex regulations will encourage growth,” he added.

(Disclaimer: The above article is for informational purposes only, and should not be construed as any investment advice. ET NOW DIGITAL advises its readers/audiences to make any money related decisions. (Consult your financial advisors before.)

Conclusion of the article





Source link