By Akhil Gupta
"We are quite optimistic that the re-elected government will include necessary reformations in the upcoming Union Budget to enable the Indian food processing sector to prosper. As such, we are seeking regulatory support in the form of subsidies and relief from GST.
Currently, 12% of GST is charged on Fresca’s products. We hope that the government will take this into account as Fresca juices do not fall under luxury items and, accordingly, bring the tax down to 5% at least. Further, the alleviation of regulatory friction on the production front will also be welcomed. A smoother indigenous production landscape will automatically translate to the non-requirement of packaged fruit juices to be imported into the country. Well-planned governmental initiatives will not only help the industry but also prove beneficial to farmers who suffer losses on account of wasted or unused crops.
The food processing industry has a lot to offer to the country on both the culinary, social, and economic level. Thus, suitable efforts must be taken by the Government to nurture this sector. This will definitely result in profitable yields while promoting innovations at the same time. Through the forthcoming Union Budget, we hope that we will be able to make that happen".
The author is Founder & MD of Fresca Juices
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