Union Budget 2025: industry leaders advocate for transformative reforms

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Industry leaders are urging targeted policy reforms in the upcoming Union Budget to unlock growth opportunities and solidify India’s position on the global stage

India’s evolving economic landscape highlights the growing importance of niche industries like preventive healthcare and alco-bev, which hold immense potential for driving innovation, creating jobs, and contributing to the nation’s revenue. Industry leaders are urging targeted policy reforms in the upcoming Union Budget to unlock growth opportunities and solidify India’s position on the global stage.

Karan Khurana, Founder & CEO, Wishnew Wellness highlighted, “India’s preventive healthcare sector, powered by nutraceuticals, holds immense potential to address the rising burden of chronic diseases. To make this a reality, the Union Budget must address key challenges. First, GST on nutraceuticals, currently at 18 per cent, should be reduced to 5 per cent to enhance affordability and align with national health objectives. Second, incentivising manufacturing through a 50 per cent capital subsidy for WHO-GMP-certified units in Tier 2/3 cities, interest subvention for indigenous ingredient processing, and shared testing facilities would boost domestic production. Third, strengthening digital infrastructure with subsidies for supply chain digitisation, D2C platforms, and digital payment incentives would enhance accessibility. Finally, advancing R&D with a 150 per cent weighted deduction on expenses, grants for clinical studies, and support for sustainable packaging innovations would foster innovation and global competitiveness. These measures will make preventive healthcare more accessible, create jobs in smaller cities, promote Atmanirbhar Bharat, and position India as a global nutraceutical leader.” 

John Royerr, Founder of Ochre Spirits suggested, that “the alco-bev industry plays a significant role in contributing to state revenues, with taxes from this sector forming a major part of the exchequer. Despite this, the industry faces regulatory inconsistencies and a lack of streamlined policies that hinder its potential for growth and innovation. For the sector to thrive and enhance its contributions, the government must take a more active role in fostering a supportive ecosystem. Effective Free Trade Agreements (FTAs) with global markets can boost international trade, while standardised pricing and unified policies across states would ensure a fair, transparent.”

By prioritising a stable regulatory framework and incentivising innovation, the government can not only strengthen one of its most significant revenue-generating industries but also position India as a global leader in the alco-bev space. It’s time for policy reforms that reflect the sector’s vital economic role and its potential to drive sustainable growth.

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