Transform Your Factory: Tax Incentives Drive Sustainable Shifts

Experts suggest that offering financial incentives, such as tax breaks and subsidies, to companies investing in sustainable technologies and practices can accelerate the adoption of green manufacturing practices. They note that businesses are increasingly focusing on ensuring sustainable practices throughout their supply chains.

“This necessitates companies enhancing their sustainability operations through responsible procurement, investment, energy transition, recycling, and financing,” an expert explained. He emphasized that sustainability is now central to the business strategies of companies of all sizes and sectors.

“Indian companies are leveraging lower interest rates on sustainability-linked loans to fund their expansion plans. Additionally, large Indian companies are making significant investments in recycling waste,” he added.

Another expert highlighted that manufacturers are increasingly investing in energy-efficient technologies and renewable energy sources to reduce their carbon footprint. This includes the adoption of LED lighting, energy-efficient HVAC systems, and renewable energy installations like solar panels and wind turbines.

He mentioned that governments can support sustainability in manufacturing through regulatory frameworks, incentives, public-private partnerships, and awareness campaigns. “Providing financial incentives, such as tax breaks, grants, and subsidies for companies that invest in sustainable technologies and practices can accelerate the adoption of green manufacturing practices,” he said.

He also noted that WOCE offers expert advisory and consulting services to help manufacturers develop and implement comprehensive sustainability strategies. “This includes setting realistic targets, creating action plans, and integrating sustainability into core business operations. These services ensure that manufacturing processes are optimized for sustainability, leading to reduced environmental impact and enhanced regulatory compliance,” he added.