Industry expects important decisions in Union Budget

Dr Gita Bajaj, director, Vinsak India said, "The MSMEs are the backbone of the economy but often find difficulty in getting timely credit. NBFCs have been instrumental in addressing this problem but the rates of interest are very high making them less affordable. The budget should enable environments for such institutions to provide affordable and timely credit." Bajaj also stated, "The finance minister is taking many steps to empower women. Government has given loans to women entrepreneurs and women participation in STEM courses has increased to 43%."

Bajaj's said, "Women participation in workplaces is improving but some sectors such as manufacturing, oil and gas, automobiles and even printing and packaging are very low." Her wish-list is "Government support to SMEs to enable women-friendly policies can help improve women participation in workplaces."

Vandana Tandan, head of markets in India and Bangladesh, SIG Group said, "There is tremendous excitement and expectation surrounding the forthcoming budget 2024. The packaging sector is growing at a CAGR of 11.06%. We expect greater emphasis to be given to align with global standards."

Dhananjay Salunkhe, the managing director at Huhtamaki India said,, "One of the most pressing challenges our industry faces is the recyclability of flexible packaging. While current policies promoting Extended Producer Responsibility (EPR) and recycled content are steps in the right direction, we need a regulatory push for recyclability of mono-material solutions in flexible packaging."

Bajaj added, "Our industry is looking forward to a few key measures like Reduced Import Duties on machinery and consumables. This will help brand owners and manufacturers produce world class products." She said, "Tax holidays for new manufacturing units and reduced interest rates on loans are great measures but the printing and packaging sector often does not receive the same advantages."

Tandan added, "At the same time, we urge the policymakers to rationalise taxation across various milk processing and packaging. While fresh and pasteurised milk in the country is exempted from GST, UHT milk and value-added products, filled in our aseptic packages, attract a 5% GST, making it more expensive. Some relaxation in the GST levied can make the products more affordable, thereby benefiting both producers and consumers alike."

Salunkhe said, "Well-crafted legislation can be a powerful catalyst for change. By introducing incentives for sustainable practices, the government can help businesses align with global sustainability standards while benefiting the environment. This approach would not only support the packaging industry but also contribute to India's broader environmental goals. The shift towards circularity would benefit businesses, consumers, and the nation as a whole.”

Bajaj said, "Today, packaging impacts every aspect of daily life and plays a significant role in our economy. It is also responsible for driving issues related to sustainability." She signed off by stating, "An industry status will help improve industry’s performance, improve its access to Government policies and initiatives, and better forge goals of sustainability."