Union Budget 2023: The pet care industry is hoping for tax breaks to help it achieve the goal of “Stray Free India”
The pet care industry in India is growing at a rapid pace. With more and more people opting to keep pets, the demand for pet care products and services has increased significantly. With the upcoming Union Budget, the pet care industry is expecting some major changes that will help it grow further.
Budget expectations
Tax exemption
The pet care industry is hoping for some tax exemptions on pet care products and services. This will help reduce the cost of pet care and make it more affordable for pet owners. Tax incentives will make it easier for more pet owners to afford pet grooming services and some less well-off pet parents will have more access to pet food and accessories.
Incentives
Additionally, the industry is expecting some incentives for pet care businesses to help them expand their operations and reach more customers. The government incentives will aid the industry’s continued growth as it is expanding at an incredible rate. The majority of pet-related businesses are MSMEs. There ought to be more plans to support their expansion. Additionally, the government needs to make it possible for these small businesses to access credit without having to deal with mountains of red tape.
Initiatives for stray animals adoption
The industry is also expecting some government initiatives to promote pet adoption. This will help reduce the number of stray animals and also provide more homes to those in need. The government should make more of an effort to encourage the adoption of stray animals. It will help these orphan animals get a new home and a new life, in addition to resolving the issues of stray animals roaming the streets and being mistreated. For this to happen, those who choose to adopt street animals need to receive some sort of reward. This will encourage more people to step forward and care for these creatures.
More funds for research and development
The pet care industry is also expecting some support from the government in terms of research and development. This will help the industry come up with innovative products and services that will make pet care easier and more efficient. We anticipate that the government will establish a research fund in the upcoming Budget 2023–2024 that will specifically benefit stray animals. This will significantly advance the idea of a stray-free India, which will encourage animal lovers across India to step forward, volunteer, and assist stray animals in finding new homes.
Funds for marketing and promotion
Finally, the industry is hoping for some support from the government in terms of marketing and promotion. This will help the industry reach out to more customers and create awareness about pet care.
Conclusion
India has one of the world’s fastest-growing pet care markets. Factors like rising incomes, nuclear families, and shifting attitudes toward pets and pet owners are driving the growth. Several people adopted pets during the lockdown to fill their voids. During the pandemic, demand increased from tier II and III cities in addition to metro areas. The budget should provide the sector with all the assistance it needs in order to maintain this growth.
(The author is Mr. Raj Kantak, Founder, Petzzco and the views expressed in this article are his own)
