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Ambarish Mukherjee

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New Delhi Feb. 14 In order to increase the availability of ethyl alcohol, the Government may reduce the import duty from the existing 10 per cent to five per cent.

The Ministry of Finance is currently examining the market demand-supply scenario and the revenue impact of such a move, sources said.

The Ministry of Chemicals and Petrochemicals has recommended to the Finance Ministry that such a reduction in the import duty may be considered since it would be beneficial for a broad spectrum of industry.

Denatured ethyl alcohol is a building block for the entire alcohol industry. Due to blending of ethyl alcohol with petrol and diesel its availability to the chemical industry has come down.

Moreover, there is an acute shortage of ethyl alcohol due to the sharp decline in production of sugar and molasses.

On the other hand alcohol-based chemicals are critical inputs for the pharmaceuticals and agro-chemical industries and the pharmaceuticals industry is one of the largest importer of ethyl alcohol.

More Stories on : Chemicals | Exports & Imports | Excise and Customs

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