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Industry & Economy
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Interiors & Homes
Plywood makers reduce prices by 3%
Our Bureau
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Kolkata
March 6
Reacting positively to the stand of the Union Finance Minister, Mr P. Chidambaram, leading plywood manufacturers have decided to reduce effective prices of all types of plyboards and blackboards with effect from March 1. They have unanimously decided to reduce prices by around three per cent.The President of the Federation of Indian Plywood and Panel Industry, Mr Sajjan Bhajanka, said here on Tuesday that the members of the federation had taken the decision in spite of the fact that there is a hefty increase (more than 20 per cent) in the prices of all the raw materials used in the manufacturing of plyboard. Major raw materials include timber (both imported and indigenous), chemicals, phenol, formalyn etc.
Plywood manufacturers are happy because the Union Budget has proposed to reduce excise duty on plywood-production from 16 per cent to 8 per cent. The federation felt that excise duty reduction would help the "stagnant" plywood industry to expand production capacities. This would, in the process, encourage taking up timber plantation in an expanded area of farm and wastelands, Mr Bhajanka said.
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