Representative image indicating recycling
Credit: iStock Photo
Finance Minister Nirmala Sitharaman will present the 8th consecutive Union Budget on February 1, 2025. Reports suggest that the government is mulling over cutting income tax for those who are earning up to Rs 15 lakh a year in February's budget, in turn providing relief to the middle class.
The eco-friendly sustainable firms have pinned high hopes on the Union Budget FY 2025-26 documents and are keeping their fingers crossed regarding their expectations from the government's most important financial document of the year.
"India produces 62 million tonnes of waste annually, of which only 12 million are treated, highlighting the grave reality of the situation.
Even with pioneering initiatives like Swachh Bharat Mission (SBM) and LiFE (Lifestyle for Environment), there remains a significant gap between our ambitious goals and their on-ground implementation.
However, numerous companies and startups have stepped up to champion the cause of proper waste disposal, striving to create a closed-loop system that maximizes resource utilization.
At this point, we stand at a pivotal juncture, and the Union Budget 2025 presents an opportunity to drive India’s transition from a linear economy to circular economy.
We hope for the necessary rebates on taxes and subsidies for companies promoting circularity to inspire the next generation of entrepreneurs to explore innovative sustainability solutions.
Incentives for companies converting non-recyclable waste materials into usable energy, reducing GST on recycling equipment, and policies encouraging public-private partnerships in waste management would help address waste challenges, create economic opportunities, and support the nation’s net-zero goals.
Additionally, expanding the scope of policies related to extended producer responsibility would be a valuable step forward in encouraging manufacturers to take greater accountability for the entire lifecycle of their products.
For India to make its mark on the world map as an environmental leader, it needs to embed circularity and sustainability at the core of all its business practices and policies," said Prashant Singh, co-founder & CEO, Blue Planet Environmental Solutions.
Union Budget 2025 | Nirmala Sitharaman, who continues to be Finance Minister, will present her record 8th Union Budget this time. While inflation has burnt a hole in the pockets of 'aam janata', reports suggest there might be a tax relief for those making up to Rs 15 lakh per year. Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.