Incentives, subsidies, tax credits: Here's what Trade Promotion Council wants from Union Budget 2022

Budget 2022-23: TPCI has demanded input tax credits, subsidy for testing in food sector, funds for setting up manufacturing plants and interest subvention scheme for MSMEs in this year's budget.

Press Trust of India January 25, 2022 15:48:20 IST
Incentives, subsidies, tax credits: Here's what Trade Promotion Council wants from Union Budget 2022

Finance Minister Nirmala Sitharaman with her Budget tablet in 2020. AFP

New Delhi: The Trade Promotion Council of India (TPCI) on Tuesday suggested the government to announce incentives in the forthcoming Budget for activities such as branding and marketing of made in India products, setting up of modern R&D labs and duty-free import of raw material by SEZ units with an aim to promote the food and beverages industry.

It also demanded input tax credits for the industry, incentivise institutions for traceability in the food supply system; subsidy for testing in the food sector, funds for setting up food and beverage tech machinery manufacturing plants; and interest subvention scheme for MSMEs.

"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 a resilient growth of more than 20 per cent sustainably despite tough times," V K Gauba, Additional Director General TPCI said in a statement.

The agri and food exports may touch USD 40 billion mark this fiscal, he added. He said that extending capital support for setting up CODEX standard-based R&D labs in the country will help the sector.

Set up in 1963, the Codex Alimentarius Commission (CAC) is an intergovernmental body established jointly by the UN's Food and Agriculture Organisation (FAO) and the World Health Organization (WHO), within the framework of the Joint Food Standards Programme to protect the health of consumers and ensure fair practices in the food trade.

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