Budget 2023: Expectations from Plastic and Polymer sector for Government Support.

Date – 16/01/2023 The plastic and polymer industry are eagerly anticipating the upcoming budget, with high expectations. The main request from industry players is for a reduction in import duties, including a 20% customs duty on finished products. The plastic and polymer sector in India has only existed for 66 years, but has rapidly grown into a significant contributor to the country's economy. With around four million people employed in the industry, it generates substantial revenue and is a major global supplier, with polymer exports reaching approximately 1.5 million metric tons in 2021. The demand for plastic is on the rise and India aims to boost its plastic exports to US $25 billion by 2025. The industry is seeking support from the government and eagerly awaits potential announcements in the upcoming 2023 Union Budget to help achieve this goal. The government is focusing on the growth of renewable energy, which presents an opportunity for the plastic industry. Currently, 90% of the components used in solar panels and wind turbines are imported and only assembled in India. Experts believe that increasing the customs duty on imported components like EVA, back sheets, metal frames, and solar glass to at least 20% could provide support for local manufacturers. The plastic industry has the potential to play a key role in producing EVA and back sheets. Note – Every photo is symbolic (Photo Source: Google) All news and stories given on this website are reported by the reporter or taken from some source. Our endeavor is and will continue to provide you with the best information. The responsibility of this news and other things will be with the author (reporter) and the source.