Budget 2019 expectations: Covestro (India) seeks govt focus on better industry incentivisation for FAME II scheme

Union Budget 2019 expectations: As Finance Minister Nirmala Sitharaman will present her maiden budget 2019-20 in the Lok Sabha on July 5, various industry sectors, which have already submitted their suggestions, are waiting for the Modi government to show its focus on innovations and new initiatives to make the nation stand in the forefront on the world economy. Expecting several changes, Ajay Durrani, Managing Director – Covestro (India) Private Limited, shared his thoughts with Zee Business Online.

Ajay Durrani said that the Union Budget for 2019-20 is expected to be path breaking in many ways, adding, "We expect the government to create a holistic focus on innovations revolving around the two important ‘R’s: Re-use and Responsible use and encourage industry to embrace circular concepts in their strategy focus on structured effort towards creating a robust waste management system for the country. Since it is impossible to phase out plastic overnight given its all-pervasive nature in daily life, it becomes very important to shift gears and focus on “Responsible usage” of plastic led by the government and a structured dialogue process is expected from the budget in this direction."
          
Talking about second phase of the FAME II scheme, he said "we also look forward to the government’s focus on ushering in an era of transformative multi-modal mobility paradigm. This coupled with a focus on better industry incentivisation for the implementation of the second phase of the FAME II scheme which will lead to a more sustainable environment for businesses and the eco-friendly initiatives."

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Further, he stated that "there is a higher need to explore and aid innovations in EV batteries re-usage, which will play a significant role in reduction of non-bio-degradable waste. While moving into the phase of Lithium batteries, it is important, therefore, to explore options of recycling Lithium. This given that Lithium is not an abundant element, and an important factor to consider is not just Re-Use but also the possibility of ensuring penetration and the impact on ancillary businesses."

In the end, he also opined that the rationalization of GST should be seen as an opportunity to augment growth of industry from productivity perspective as well as bring in more job opportunities locally.