Quote for upcoming Union Budget 2024-25

Satyendra Prasad Narala - Managing Director, Regency Ceramics

"We would expect the Budget 2024 to address the MSME sector issues - especially the challenge of delayed payments from customers and ensure they adhere to payment timelines of 45 days. The budget should contain provisions to ensure the financial health of MSMEs - working capital at subsidized interest, abolishing cooling period for banks to extend loans, etc. There is also a need to revamp the production-linked incentives (PLIs) by reducing import duties on raw materials.

Specifically to the ceramic tile sector, as fuel is a significant component of production cost, we urge the government to bring Natural Gas for industrial consumers under the GST tax regime. The increased housing under the PM Awas Yojana and providing facilities for middle class citizens of the country to buy / build homes is expected to boost demand for the ceramic industry in India and enhance production capabilities.

We expect Budget 2024 to rationalise inverted duty structures across sectors and improve India's manufacturing competitiveness and aid domestic manufacturing."