Industry Seeks Support for Local Production

28 Jan 2025 , 09:38 AM

Manufacturing industry participants have asked for favorable policies that support local manufacturing, lower the GST on consumer durables, and implement tax reforms to raise disposable incomes and encourage consumer spending in the days leading up to the February 1 release of the Union Budget 2025–2026.

The industry participants anticipate tax breaks, assistance for sustainable manufacturing, and financial incentives for enlarged production-linked incentive (PLI) schemes, among other things, as the Union government is eager to raise the manufacturing sector’s GDP share from 17% to 25%.

While talking to ET, Nileshkumar Kukalyekar, Envalior’s Business Director for South Asia, the Middle East, and Africa, meantime, emphasized the necessity of increasing funding for innovative and sustainable manufacturing. Kukalyekar advised the government to concentrate on regulations that encourage the use of recycled and bio-based materials, given the growing demand for environmentally conscious products worldwide.

“We urge the government to focus on policies that incentivise the use of recycled and bio-based materials, support research into new green technologies, and promote circular economy models,” he stated.

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