Ashish Pradhan, president of Siegwerk Asia, points out that the packaging industry in India is at a pivotal juncture, experiencing rapid growth and innovation. He says, “The rising demand in FMCG, eCommerce, and sustainable packaging solutions supports the robust growth of the packaging sector.”

Meanwhile, Chandrasekhar Rajagopalan, president of the Indian Flexible Packaging & Folding Cartons Manufacturer Association (IFCA) says, “At a general level, the budget should boost growth. Remove all irritants, provide adequate tax breaks for capital expenditure and expansion and improve the employment capability of the economy.”

He adds, “It has been observed that the packaging and converting industry grows at 1.5 times the GDP growth. So expansion in GDP will lead to better growth prospects for the packaging industry.”

He points out that certain, industry-specific incentives for example; food processing and pharma will lead to accelerated growth for the industry.

Pradhan believes that there is a pressing need for policies that support sustainable packaging solutions, infrastructure development, and technological advancements. He expects the upcoming Union Budget to address critical areas that include the simplification of GST and favourable tax policies, which help keep momentum in this sector high.

In its 53rd meeting on 22 June, the Goods and Service Tax Council recommended reducing GST from 18% to 12% on all kinds of cartons. Rajagopalan thinks GST changes are in the preview of the GST Council. “We were happy to see the reduction in the carton industry. The Union Budget may set some direction and policy framework which will set the cue for the GST Council to consider,” he shares.

To this, Pradhan adds, “These measures will not only enhance the industry’s global competitiveness but also drive environmental responsibility and economic growth.”

Rajagopalan believes that the status of the printing and packaging industry will soon reach heights.