Packaging industry wishlist for Union Budget

Gita Bajaj, director at Vinsak said, “Technology that promotes affordable green packaging products must be made affordable for Indian printers and converters."

BS Jolly, managing director and CEO of Edelmann Group concurs with Bajaj. He said, “Our input for the FM would be to incentivise research and development. Also the FM must reward work done in sustainable packaging solutions.”

Pradeep Shah, vice-chairman and managing director, Manugraph India said, "There are two inputs that we have for the FM: We feel some reduction in GST will be helpful. And to increase the import duty of second hand / new machines so that we curtail the business of foreign players and popularise Indian manufacturers."

Divakar Shetty, managing director, Fibre Foils stated, "Food processing is a priority. But even the packaging of it should be made a priority segment." Shetty added, "There should be an emphasis on the packaging machines. Since in the food processing line, packaging is as important."

Meanwhile Gita Bajaj adds, "The Make in India initiative of the government is laudable. Government must help enterprises in the print and packaging industry develop indigenous technology by providing funds for R&D. Even supporting machine manufacturing companies to buy technology and make it affordable for Indian printers and converters would go a long way in giving this sector a boost."

There is a lot of optimism in the packaging industry - and there is hope that this buoyancy will sustain even through the election year and beyond. The plastic packaging market witnessed substantial growth, with a size of USD 381.57 billion in 2022. Projections by Towards Packaging indicate a surge to around USD 584.09 billion by 2032, boasting a steady CAGR of 4.4% from 2023 to 2032. Today, India boasts a presence in the global plastic industry, with exports reaching over 200 countries worldwide as per Towards Packaging. Major importing countries include the USA, Japan, UK, Germany, and France

If you have any inputs for the FM, please share your message with Disha Chakraborty <disha.chakraborty@haymarketsac.com>