Pre-Budget Quote – Mr. Pankaj Poddar, Group CEO, Cosmo First Ltd.
The Indian packaging industry is one of the fastest growing sectors, increasing at a CAGR of ~25% and anticipated to reach $200m by 2025. Such fast growth is made possible due to rising population, increasing income levels, and changing lifestyles.
To position India as the global sourcing hub for plastic and increase industrialization; government should lower the imports on polymer (especially that polymer production is in short domestically), increase the custom duty on various finished plastic products including polymer films made from Polypropylene or Polyester, increase benefits under the RoDTEP from 1.4% to 3%, grant 3% interest equalisation for exporters and interest subvention should be reassessed for a high growth path. Simultaneously, government should encourage the industry players by granting incentives for innovation and R&D to make the domestic plastic industry more dynamic and globally competitive.
Overall, we are expecting the Union budget 2023 to be industry friendly with focus on industrialisation and technological innovation to support domestic businesses with enormous potential and become internationally competitive.