Pre-Budget Quote on Manufacturing Sector

“As the Union Budget 2024 approaches, the wooden pallet sector is optimistic about the government’s focus on sustainable supply chain solutions. This industry is vital for pharmaceuticals, chemicals, and glass packaging, among others, and needs robust government support to enhance global competitiveness.

To streamline logistics, reduce transportation costs, and ensure timely deliveries, infrastructure development is key. The sector anticipates measures that include significant investments in infrastructure. Alongside this, tax incentives are sought to alleviate financial burdens on manufacturing units, facilitating increased investment in innovation and expansion. Particularly, incentives for adopting sustainable practices would benefit both the environment and businesses aiming to align with global sustainability standards.

Furthermore, Research and Development (R&D) funding is crucial for continuous innovation in materials science, sustainable manufacturing, and recycling technologies. Government grants and subsidies for R&D can drive higher efficiency and sustainability. Supporting SMEs through easier access to credit, reduced compliance burdens, and simplified regulations can significantly boost growth.

The industry also hopes for financial assistance for adopting eco-friendly technologies, including subsidies and low-interest loans for sustainable manufacturing upgrades, as well as technology transfer facilitation. Further, skill development programs are essential for equipping the workforce with modern manufacturing skills.

Moreover, the packaging industry plays a vital role in supporting the export sector. Simplifying export procedures, reducing tariffs, and providing incentives for export-oriented units can enhance our global market presence. We look forward to policies that promote ease of doing business and reduce bureaucratic hurdles.”