Plastic industry for reduction in polymer import duty

KOLKATA: The plastic industry has sought lowering of duty on imported polymers, as the country does not produce enough of the material.

In a pre-budget memorandum submitted to the finance ministry, industry body Plastindia Foundation said the import duty on polymer should be between 5 per cent to 7.5 per cent from the present basic level of 10 per cent.

India does not produce enough polymers, and therefore, import duty should be lowered to make the industry competitive, it said in a statement.

The foundation said that the government should impose import duty on finished plastic products at a minimum level of 20 per cent to support the domestic industry.

Plastindia Foundation is the apex body of major associations, organisations and institutions connected with plastics.

It also said the industry should be encouraged to produce in India several components required for harnessing of renewable energy like solar panels, and the customs duty on import components should be at least 20 per cent.

The size of the Indian plastic industry would be around USD 35 billion by 2025 from USD 32 billion at present, the statement added.