Industry & Economy
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Plastics
APPMA plea to end customs duty on polymers
Our Bureau
Hyderabad
,
Aug 3
THE Andhra Pradesh Plastic Manufacturers' Association (APPMA) has asked the Union Government to do away with customs duty on polymers until the prices stabilised in the international market.
The move would keep the domestic prices under check. "This, in turn, would help thousands of plastic manufacturers shielding themselves from huge financial losses and prospect of possible closure," Mr Rajgopal Mandhana, President, and Mr A. Ravindra Babu, former President of APPMA said.
Addressing a press conference here on Tuesday, they said prices of all major polymers had gone up from $600 a tonne to $1,000 in a short span of time.
The sudden spurt in polymer prices might even lead to closure of 50 per cent of the units.
While the Asian norm stood at 10 per cent, the customs duty in India was at 20 per cent, which put the plastic industry at a disadvantageous position.
"The Government can reduce the duty to zero per cent till such time when polymer prices fall $800 in the international market," they said.
This anomaly in the duty not only pushed the SSIs into trouble but also left the end user paying more.
"The indigenous producers of polymers like Reliance, IPCL, Haldia and GAIL are the major beneficiaries due to the spurt in the international prices," they said.
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