“We anticipate the Union Budget to emphasize industrial safety and compliance, particularly in high-risk sectors like oil & gas, chemicals, and manufacturing. Increased budget allocations for safety initiatives, stricter enforcement of compliance standards, and subsidies for safety audits, training, and equipment are critical expectations. Tax benefits for industries investing in advanced safety protocols and equipment can further encourage proactive adoption of risk mitigation measures. Additionally, policy frameworks that mandate periodic safety audits and promote global best practices will create opportunities for service providers to support industries in achieving compliance and operational excellence.
The sector also looks forward to government incentives for digital transformation in safety, including the adoption of IoT, AI, and predictive analytics for risk management. Support for R&D in innovative safety technologies and skill development programs for safety professionals can address talent gaps and drive innovation. Including safety equipment manufacturing under the Production Linked Incentive (PLI) scheme would boost domestic production and reduce reliance on imports. By addressing these areas, the Union Budget can foster a culture of safety, enhance industrial resilience, and support sustainable growth for process safety services providers in India.”
