New Delhi (India) July 23 : As a plastic recycler, I have high hopes for the upcoming budget. One key expectation is for the government to continue pushing the recently introduced “Green Credit Programme” by our Honorable Prime Minister Narendra Modi. This initiative will incentivize and monetise environmental actions across various sectors, thus encouraging individuals and companies to participate in building a sustainable India.
Along with introducing new schemes like GCP, government should take measures to facilitate implementation of Extended Producer Responsibility compliances. Budget allocations would help in making the EPR portal hassle free and transparent. I would suggest that independent auditors should be deployed to verify the activities of registered recyclers, as this would avoid greenwashing and unfair practices taking place. Ministries of Environment and Forest, should get a significant percent of the union budget to make these measures possible, and I believe this portion of budget would prove to be an investment in the long run.
A key demand that plastic recyclers have been making is of reduction in Indirect Taxes on plastic waste and recycled plastic products as this would significantly reduce the working capital requirements and would also make recycled plastic granules an economical option for the plastic manufactures. Reduction in Indirect taxes would boost sales of recycled plastic products and hence help recycling industries thrive. Higher GST on recycled plastic granules, had a negative effect on its sales, I hope this union budget would rectify that.
Another request from the government is to invest more in climate-resilient & recycling infrastructure. According to a report by the World Bank, such investments in middle-income countries could yield approximately $4.2 trillion in total benefits—an impressive Rs.4 return for every ruppee invested. I believe that Sustainable Infrastructure is not a cost but rather a strategic investment for a clean, sustainable, and shining India.
I am sure this union budget will not only boost the Indian economy, but will also turn it into a circular economy, ensuring that every material remains in the economy through closed loops and hence have a compounding effect on the GDP.
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Vijay Singh
