Budget should allocate capital for infrastructural setup for setting up CODEX standards-based R&D Lab: TPCI
May 22, 2024
New Delhi, 25th January: Trade Promotion Council of India (TPCI) today released their budget demand on behalf of the Food & Beverage (F&B) industry. In the statement released today TPCI said, “The forward- looking and progressive government has always taken an inclusive and growth- oriented approach. Budget is a big opportunity to take economic growth further to desired level.”
The demand of the industry is as below;
- Seeking capital for infrastructural setup for setting up CODEX standards-based R&D Lab which will ensure SPS and TBT levels based on scientific justification. This will be under an amber box so will be a WTO compliant subsidy.
- Input tax credits for F&B companies that incorporate organic, locally sourced inputs, and “green” technologies for a period of 3-5 years.
- The Budget needs to incentivise bodies / institutions for traceability in the food supply system.
- Cost of testing to be subsidized or incentivised across the food sector.
- An exporter within the SEZ should be incentivized on the degree of value addition he brings to a product. He should be allowed to import raw material at zero duty and avail duty rebate proportionate to value addition.
- Pre- shipment credit or credit against LC/LC should be discounted without collateral.
- Funds allocation for physically setting up F&B tech machinery manufacturing plants to thrust PLI in food processing sector
- Seeking financial capital for container manufacturing incentivizing. Due to container shortage, F&B exports got impacted from the last one year. Container manufacturing will give a boost to F&B exports.
- Subsidy for innovation and technological investment in food processing sector
- Interest subvention scheme to be revoked to help MSMEs sector.
- Advance License facility should be restored for import without custom duty for Food & packaging material meant for exports.
- Budget to support branding and marketing of made in India products across sectors, which will add value by differentiating products & attracting higher returns.
Commenting on the budget demand of the Industry V K Gauba, Additional Director General TPCI said, “Looking at the great potential which the agri and food sector holds for the economy, this sector needs further thrust and renewed focus.” The agri and food sector has shown the resilient growth of more than 20% sustainably despite tough times. The agri and food exports may touch 40 billion exports this fiscal,” he added.
