BS Jolly, managing director, Edelmann India, expressed, “I was expecting more from the Budget. A general reduction in corporate tax, incentives linked to new investment, environmental laws compliance or sustainable manufacturing would have been more encouraging.”

Meanwhile Rajesh Khosla, CEO, AGI Greenpac, said, “The Union Budget 2024 presents a promising outlook for India’s manufacturing sector. Increased allocations for infrastructure and technology are significant steps towards solidifying India’s position as a global manufacturing hub.”

When asked about GST, Jolly said that even before the budget, the GST on packaging was already reduced from 18% to 12% with effect from 15 July 2024. He saw proposals/initiatives relating to promotion of MSMEs, apprenticeship in corporates, and the real ground benefit of these schemes to industry will be known once these schemes are executed on ground. “But other than that, I did not read any specific proposal which could help the packaging industry in GST or help in tackling the compliance issues relating to current environmental guidelines,” he added.

Jolly further added, “We will analyse the schemes relating to financing of MSME and corporate employment to new professionals and see how it helps the manufacturing sector.”

Khosla believes that the focus on employment-linked skilling initiatives is encouraging. He said, “By incentivising job creation, the government is empowering young talent and fostering a more productive workforce.”

AGI Greenpac is optimistic that these measures will create a robust manufacturing ecosystem and contribute to India's economic growth. “AGI Greenpac is well-positioned to capitalise on these opportunities and further expand its operations,” said Khosla.