India should come out with a national bio-plastics policy with fiscal incentives like capital subsidy as well as government support for research & development, according to a report.
The report titled Incentivising Bioplastics, a Biopolymer’ by EY and ASSOCHAM outlines a strategic vision for transforming India’s bio-plastics industry through targeted government interventions and regulatory changes along with educational campaigns and leveraging India’s agricultural strengths to enhance sustainability and environmental performance.
To establish India as a premier hub for production of bio-plastics, the report calls for comprehensive National Bio-Plastics Policy in India.
It suggested fiscal incentives like capital subsidies of up to 50 per cent on eligible capital investments over five years to encourage the development of bioplastics manufacturing and infrastructure.
The report also called for regulatory framework mandating use of bio-plastics, implementing QCOs (quality control orders), imposing import restrictions, and rationalising GST rates required for the growth of industry.
Government support for research and dev, elopment, job creation and infrastructure within these clusters is essential for advancing technological innovation and ensuring economic viability, it added.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Sep 17 2024 | 8:17 PM IST
