Budget's green credit program will promote green products
Author: Manoj Tulsian
The announcement of a targeted push in the green growth sector in the Union Budget of 2023–24 is a significant step in India's journey toward rapidly developing sustainable, low-emission products. This initiative is likely to generate substantial economic opportunities for decarbonization and sustainable product growth. With Greenply's approach to sustainability, we have already launched an internal initiative called "ESG 360" with a three-year plan for integrating ESG factors into our strategy and daily operations. Greenply's E-0 product line, investment in research and development, and advanced toxicology studies have pioneered a shift toward environmental sustainability in the wood panel industry. It is noteworthy that the Green Credit Program under the Environment (Protection) Act will undoubtedly encourage more large companies to invest in the research of greener product variants by incentivizing not only corporate but also individual sustainable and responsive actions. Additionally, the increase in capital expenditure by 33 percent to Rs 10 lakh crore in public infrastructure will be a positive boost for the entire building and construction industry. The focus on urban infrastructure will have a significant impact on the real estate sector and will push the growth trajectory in the wood panel sector.