Tax Incentives can assist increase the Adoption of Sustainable Manufacturing

Experts believe that providing financial incentives, such as tax breaks and subsidies, to companies that invest in sustainable technology and processes will assist speed the adoption of green manufacturing techniques. They also stated that firms are placing an increasing emphasis on ensuring sustainable practices throughout their supply chains.

"This requires companies to improve their sustainability operation through responsible procurement, investment, energy transition, recycling, financing etc," Hi-Tech Gears Chairman Deep Kapuria said.

He also stated that sustainability is now central to business strategy for corporations of all sizes and sectors.

"Indian companies are also taking advantage of the lower interest rates on sustainability-linked loans to fund their expansion plans. Further, large Indian companies are also investing big in recycling the waste," Kapuria added.

To lessen their carbon footprint, manufacturers are investing more in energy-efficient technologies and renewable energy sources, according to Anup Garg, Founder and Director of WOCE—World of Circular Economy.

This includes the use of LED lighting, energy-efficient HVAC (heating, ventilation, and air conditioning) systems, and renewable energy installations such as solar panels and wind turbines. According to Garg, governments may promote industrial sustainability through legal frameworks, incentives, public-private collaborations, and increased awareness.

"Providing financial incentives, such as tax breaks, grants, and subsidies, for companies that invest in sustainable technologies and practices. This can accelerate the adoption of green manufacturing practices," he said.