Manufacturing sector calls for pro-local manufacturing policies, GST reductions, and tax reforms
Days ahead of the Union Budget 2025-26 on February 1, the industry players in the manufacturing sector have called for favourable policies boosting local manufacturing, reducing GST on consumer durables, and tax reforms to increase disposable incomes and stimulate consumer spending.
As the Union government is keen to increase share of manufacturing in GDP from 17 per cent to 25 per cent, the industry players are expecting financial incentives for expanded production-linked incentive (PLI) schemes, support for sustainable manufacturing and tax exemptions among others.
Simarpreet Singh, Executive Director and CEO of Hartek Group, commended the Indian government's strides in supporting the renewable energy sector, particularly solar power.
He further highlighted the importance of continued support for production-linked incentive (PLI) schemes and infrastructure development, which would drive private sector participation, foster innovation, and enhance India's manufacturing capabilities.
Meanwhile, Nileshkumar Kukalyekar, Business Director for South Asia, Middle East, and Africa at Envalior, emphasised the need for greater investment in sustainable manufacturing and innovation. With global demand for environmentally responsible products rising, Kukalyekar urged the government to focus on policies that incentivize the use of recycled and bio-based materials.
