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After incurring huge losses during the last financial year as a result of the economic slowdown, the plastic industry is now banking on the newly elected United Progressive Alliance (UPA) government for providing them some relief in 2009-10.
Plastic promotion councils like Indian Plastics Federation (IPF) and the Plastic Export Promotion Council (PLEXCON) are drawing up their demand list for the new government. The industry bodies would soon place necessary pre-budget recommendations in order to help the government bring about improvement in the economic scenario and drive the growth of the sector.
Demand of plastic SMEs
Extension of tax incentives and liberalisation of import of industrial plastic scrap tops the agenda of the plastic promotion councils in India.
Since long, the Indian plastic sector has been suffering due to the recessionary pressures and the low supplies of polythene and polypropylene in the domestic market.
The shortage of raw materials and unstable prices have largely affected the growth of the sector. The industry is seeking the nod for liberal imports of plastic raw materials and removal of custom duty for resolving the issue of scarcity of raw materials.
“Currently, the unavailability of primary ingredients is a major issue for Plastic Manufacturers. Due to lower supplies of raw materials, the production capacity of the plastic sector has also taken a beating. The provision of tax benefits and permitting the import of plastic scrap will help the sector recover from the impact of the ongoing crisis,” commented Virender Sharma, proprietor of a small-sized plastic company in New Delhi, All India Plastic Products.
Besides, it has become imperative for the government to speed up the process of tax refunds and introduce measures that would help the domestic SME sector to counter stiff competition from neighbouring countries like Malaysia, Thailand, China and Vietnam.
“We strongly recommend that the government takes necessary steps to ensure equitable distribution of raw materials to bring about a balanced growth of small and mid-sized plastic manufacturers in the industry,” said KK Seksaria, President of the IPF.
In order to put the plastic sector back on the growth track, the government needs to pay attention to the needs of the SME segment and initiate measures that will enable them to overcome the existing challenges.
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